By Amjad Qaimkhani
NEW YORK: US crude oil prices increased by 2 percent, reaching $102 per barrel, while Brent crude surged to $106 per barrel, amid concerns over disruptions in global oil shipments through the Strait of Hormuz. Energy companies have warned the Trump administration that the situation could worsen the ongoing energy crisis.
Executives from Chevron, Exxon, and ConocoPhillips cautioned that a continued closure of the strategic waterway would have serious implications for global oil supply and prices. The Strait of Hormuz remains a vital route for oil exports, and any prolonged disruption could push energy markets further into volatility.
The price spike comes as international response to Trump’s appeal for help in reopening the Strait of Hormuz has been muted, with countries such as Japan declining to deploy naval vessels to ensure safe passage. Analysts say that geopolitical tensions in the Gulf are now directly influencing energy markets worldwide.
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