U.S. crude oil jumps after Iran says it attacked a tanker
CNBC • • business
Key Points:
- U.S. crude oil prices surged above $80 per barrel, with West Texas Intermediate rising 8.51% to $81.01 and Brent crude increasing 4.93% to $85.41, driven by escalating conflict involving Iran and disruptions in the Strait of Hormuz.
- Tanker traffic through the Strait of Hormuz, a critical passage for about 20% of global oil exports, has halted due to attacks on vessels and Iran's closure of the strait, raising global supply concerns.
- U.S. retail gasoline prices jumped nearly 27 cents in one week to an average of $3.25 per gallon, marking the largest weekly increase since March 2022 amid heightened geopolitical tensions.
- President
