Oil Prices Rise After U.S.-Iran Tensions Threaten Strait of Hormuz Crude oil futures climbed sharply on Monday, April 27, as heightened U.S.-Iran tensions disrupted shipping through the Strait of Hormuz, a waterway that handles about 20% of global oil shipments, according to market data. Brent crude rose 2.9% to $108.36 a barrel, while West Texas Intermediate gained 2.6% to $96.85, Reuters reported . The increases marked the largest single-day gains in weeks, following stalled peace talks and continued naval incidents in the Gulf. The Strait, a 21-mile chokepoint between Iran and Oman, typically sees about $600 billion worth of oil transit annually,…
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