The price of a barrel of US oil rose 6.08% today, surpassing $79, driven by reduced flow due to Iran’s blockade of the Strait of Hormuz.
At 16:40 (Lisbon time), the price of a barrel of West Texas Intermediate (WTI) crude, for April delivery, was up 6.08% at $79.20 (around €68.15). The price of a barrel of North Sea Brent crude, an international benchmark, for May delivery, rose 3.75% to $84.45 (approximately €72.66).
Around 20% of global oil production and nearly 20% of liquefied natural gas (LNG) passes through the Strait of Hormuz.
The United States and Israel launched a military strike against Iran on February 28, killing ayatollah Ali Khamenei, the country’s supreme leader since 1989. The Iranian Leadership Council is currently running the country.
Iran closed the Strait of Hormuz and launched retaliatory strikes against targets in Israel, US bases and other infrastructure in countries across the region, including Saudi Arabia, Bahrain, the United Arab Emirates, Qatar, Kuwait, Lebanon, Jordan, Oman and Iraq. Incidents involving Iranian projectiles were also recorded in Cyprus and Turkey.
Since the start of the conflict, more than one thousand deaths have been recorded, the majority Iranian.
