Oil price jumps above $117 after reports of 'extended' Iran blockade
Oil prices rose to $117 a barrel following reports that the US is preparing to extend its blockade of Iran's ports, increasing pressure on Iran's economy and global oil supplies. The Strait of Hormuz, a critical oil transit route, has been effectively closed for weeks due to the ongoing conflict, disrupting global energy markets. Despite a recent ceasefire between Israel and Lebanon, oil prices have continued to climb amid sustained supply concerns and economic strain on Iran.
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Oil price jumps to $117 after reports of 'extended' Iran blockade58 minutes agoShareSaveAdd as preferred on GoogleNaomi RaineyandEmer Moreau,Business reportersGetty ImagesCrude oil is a key ingredient in petrol and dieselOil prices have continued to rise following reports that the US is preparing for an 'extended' blockade of Iran.Brent crude rose to about $117 (£86.71) a barrel on Wednesday afternoon, the highest price so far this month, having closed at just over $110 (£81) on Tuesday evening.
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