WTI crude oil surged 8% to reach $77 per barrel as Brent crude jumped 13% to $82.70 following threats to close the Strait of Hormuz
The strategic waterway handles 20% of global oil supply but currently faces a 70% traffic reduction with over 150 ships anchored outside Markets have priced in a geopolitical risk premium of $10-15 per barrel with Brent crude actively testing the $84.70 resistance level Wood Mackenzie analysts project oil prices could exceed $100 per barrel if tanker flows are not restored quickly
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WTI crude oil surged 8% to reach $77 per barrel as Brent crude jumped 13% to $82.70 following threats to close the Strait of Hormuz
The strategic waterway handles 20% of global oil supply but currently faces a 70% traffic reduction with over 150 ships anchored outside
Markets have priced in a geopolitical risk premium of $10-15 per barrel with Brent crude actively testing the $84.70 resistance level
Wood Mackenzie analysts project oil prices could exceed $100 per barrel if tanker flows are not restored quickly