Oil prices surge as US-Iran strikes intensify in Strait of Hormuz

Author: Andy HirschfeldPublished on: September 7, 2026Country: United States

Business & Economy

Oil prices surge as US-Iran strikes intensify in Strait of Hormuz

Oil prices are rising to nearly a six-week high due to escalating strikes between the United States and Iran in the Strait of Hormuz. Brent futures have increased by 9% over the last five days, reaching around $97 a barrel. The reciprocal strikes have also led to reduced maritime traffic in this strategic area, with only 10 commodity ships crossing the strait daily.

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