Oil Prices Surge Significantly After Trump's Statements

Following President Donald Trump's threats to close the Strait of Hormuz, oil prices have once again crossed the $100 mark per barrel.

According to CNN, there has been a sharp increase in oil prices in the market after Trump announced that the United States would prohibit the movement of all ships attempting to enter or exit the Strait of Hormuz. This statement from the president has created a threat of further disruptions in supplies.

The value of Brent crude oil has risen by 8%, reaching around $102. Similarly, the price of U.S. oil also increased by 8%, hitting $104.