Oil Prices Rise Above $83 as Iran Closes Strait of Hormuz

U.S. West Texas Intermediate futures rose 1.4% to $83.27 per barrel, while Brent crude increased 1.3% to $88.85 per barrel. An Iranian official indicated that the Strait of Hormuz will remain closed until certain U.S. conditions are fulfilled. This situation coincides with reports that U.S. crude oil stockpiles are at their lowest in over 40 years. For ordinary investors, this rising oil price may impact energy sector stocks and related investments.