Oil Prices Climb as Iran Threatens Hormuz Closure Post-US Strikes

Oil prices saw a notable rise on Thursday, following Iran's announcement of closing the strategic Strait of Hormuz to shipping. This threat came after the United States launched air strikes in the region. By 04:09 GMT, Brent crude futures climbed $1.70 to $94.80 per barrel. US West Texas Intermediate (WTI) crude also rose $1.92, settling at $91.95. Earlier in the session, US crude futures had gained over $3, Reuters reported. Iran's Khatam al-Anbiya military headquarters, for its part, declared the strait closed to oil tankers and commercial vessels, warning that any vessel attempting passage would face gunfire.