Why are oil prices up today, and will Brent, US WTI crude futures continue to rise or fall again? This question returned to the center of the energy market after oil prices rose following a reported attack on a cargo vessel near Oman. The incident renewed concerns about shipping through the Strait of Hormuz, one of the world's busiest oil routes. Traders also watched developments involving Iran, the United States, and Gulf countries. At the same time, analysts pointed to technical buying and supply concerns as additional reasons behind the move. Here is a detailed look at what happened and what it could mean for oil prices.
