CNBC4/23/2026Business
Oil Prices Surge 3% as U.S.-Iran Tensions Escalate in Strait of Hormuz
Brent crude hits $105 as blockades continue; Israel awaits U.S. approval to resume war against Iran
Quick Look
- Brent oil futures rose 3% to $105.07 per barrel on Thursday amid heightened tensions in the Strait of Hormuz, where both the U.S. and Iran are enforcing blockades.
- Oil tanker traffic remains very low as both nations have seized ships during a fragile ceasefire.
- Meanwhile, Israel's defense minister said Jerusalem is waiting for U.S. approval to resume the war against Iran following the killing of Supreme Leader Ayatollah Ali Khamenei.
AI-generated summary
Font size
Brent oil futures rose 3% to $105.07 per barrel on Thursday amid heightened tensions in the Strait of Hormuz, where both the U.S. and Iran are enforcing blockades. Oil tanker traffic remains very low as both nations have seized ships during a fragile ceasefire. Meanwhile, Israel's defense minister said Jerusalem is waiting for U.S. approval to resume the war against Iran following the killing of Supreme Leader Ayatollah Ali Khamenei.
Related Topics
This article was originally published by CNBC.
