Oil Surges 4% as US-Iran Tensions Escalate, Strait of Hormuz Risk
Brent crude jumped nearly 4% above $79 per barrel after fresh attacks between the US and Iran in the Gulf, with Iran threatening to close the Strait of Hormuz.
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Geopolitical risks are rising at the start of the week, pushing oil prices sharply higher. Brent crude has gained nearly 4% and is trading above $79 per barrel.
The spike follows renewed hostilities between the US and Iran in the Gulf region. The Iranian regime has also issued statements that it has closed the Strait of Hormuz, a critical chokepoint for global oil shipments.
Meanwhile, markets are also gearing up for earnings season and a speech by Federal Reserve Chair Jerome Powell to Congress, which could add further volatility.
Source: FXStreet Forex News