Oil prices shoot up as US-Iran friction derails peace hopes
Source: Baird MaritimePublished: May 12, 20260 views
Oil prices surged over 3% due to escalating tensions between the US and Iran regarding a peace proposal. Brent crude rose to $107.31 per barrel, while US West Texas Intermediate climbed to $101.63. The EIA now predicts the Strait of Hormuz may remain effectively closed until late May.
oil pricesUS-Iran conflictStrait of Hormuz