Crude oil prices soared past $81 as Iran reportedly closed the Strait of Hormuz following escalating regional conflicts, while Asian stock markets reached record highs.

Oil prices edged lower as the Strait of Hormuz reopened, with Brent crude at $79.49 and WTI at $76.36, while markets shifted focus to global demand trends.

Brent and WTI crude oil benchmarks are rising today after Iran closed the Strait of Hormuz following the ongoing fighting in Lebanon.

Oil prices surged Monday as shipping through the Strait of Hormuz slowed amid escalating tensions. Talks between U.S. and Iranian officials began on a rocky note, with Iran citing…

Brent crude futures rose 54 cents, or 0.67%, to $81.11 a barrel, after briefly touching $82.30 at the start of trading. U.S. West Texas Intermediate (WTI) crude futures gained…

Crude oil prices soared past $81 as Iran reportedly closed the Strait of Hormuz following escalating regional conflicts, while Asian stock markets reached record highs.