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International Business Times
International Business Times
World

Oil Prices Jump Over 8%: Mukesh Sahdev Warns of a Looming Blockade of the Hormuz Strait

Oil Strait Iran Strait of Hormuz United States Oman
Iran's Revolutionary Guards had seized the vessel in the Strait of Hormuz on July 19,2019 after surrounding it with attack boats and rappelling onto its deck. (Credit: CHRISTOPHER PIKE/POOL/AFP/Getty Images)

KEY POINTS

  • Brent crude rose 8.7% above US$75 per barrel
  • North Sea oil increased 11% to US$78
  • West Texas Intermediate advanced 7.8% to US$73.7 per barrel

Oil prices jumped amid escalating tensions between Israel and Iran as fears over supply disruptions increased. Benchmark prices surged after Israel had launched military strikes against Iranian targets related to nuclear and military facilities. Brent crude rose 8.7% above US$75 per barrel, North Sea oil increased 11% to US$78, and West Texas Intermediate advanced 7.8% to US$73.7 per barrel.

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