International
Oil Prices Surge as Strait of Hormuz Remains Closed
Al Jazeera1h
THE BRIEF
1
Brent crude futures rose 3.3 percent to $84.64 per barrel on Monday as hopes for the reopening of the Strait of Hormuz dwindled amid ongoing tensions with Iran.
2
US West Texas Intermediate crude futures climbed 3.1 percent to $80.63, while major energy stocks including ExxonMobil and Chevron saw gains between 1.2 percent and 3.1 percent.
3
US petrol prices averaged $4.00 per gallon last week, down nine cents from $4.09, though analysts warn that prolonged closure of the waterway could push prices to record highs.