Brent Oil Surges Over 3% to $105.07 Amid Hormuz Tensions

AI Summary

Brent oil futures closed at $105.07 per barrel, reflecting a rise of about 3% amid tensions in the Strait of Hormuz. West Texas Intermediate futures also increased roughly 3%, finishing at $95.85. Ongoing blockades enforced by the U.S. and Iran have kept oil tanker traffic low, with the U.S. maintaining a blockade of Iran's ports since April 13. As negotiations with the U.S. face uncertainty, the market is reacting to potential shifts in Iran's approach following reported political changes.