Oil Prices Hit Six-Week High as Strait of Hormuz Closure Disrupts Supply
Crude oil prices surged to a six-week high on Thursday amid escalating conflict in the Middle East. Brent crude crossed $96 per barrel while WTI climbed beyond $88, reflecting growing market anxiety. Iran's Revolutionary Guards announced control over the Strait of Hormuz, a critical global oil transit route. Renewed attacks on oil tankers in the Red Sea, coupled with Houthi naval blockades, intensified fears over disruptions to global energy supplies.
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