Oil prices surged close to $100 per barrel on Tuesday morning. This marks the highest level since July. The surge follows recent developments in the Strait of Hormuz. The U.S. conducted strikes on three Iranian tankers in the area. In response, Iran declared that vessels cannot transit the Strait without their approval.
This situation has fueled concerns over oil supply disruptions. Market watchers are particularly attentive to the ramifications of these developments on global energy markets.
On a related note, demand from China has also been climbing. This increased demand is another contributing factor to the upward movement in oil prices. Given China’s significant role as a global energy consumer, such shifts can have widespread implications.
These combined factors are driving up gas prices at the pump, affecting consumers worldwide.
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