Why are oil prices up now and will Brent futures and US WTI crude prices continue to rise or decline again? This question is being asked across global financial markets after oil prices moved higher following fresh developments involving the United States and Iran. Concerns over oil supply have returned as Iran announced the closure of the Strait of Hormuz, one of the world's most important energy routes. At the same time, military action between the two countries has increased. Falling US crude inventories and lower OPEC production have also added support to oil prices. Investors are now watching whether these developments will keep prices rising or lead to another decline.
