Oil prices jump as Iran attacks key shipping route

📡 CNBC Top News yesterday · 1 min read ·

Part of composite article Oil Prices Explode Past $110 as Iran's Hormuz Attacks Hit 12 Ships in a Week View full article →

U.S. crude oil prices rose sharply on Friday after Iran increased attacks in the Strait of Hormuz this week. The Strait of Hormuz is a narrow waterway through which about one-fifth of the world's oil passes. Any disruption there can quickly affect global energy prices. Brent crude, the international benchmark, touched $110 per barrel. Ukraine also said it would strike Russian oil refineries, adding further pressure to already tense energy markets.