Oil Surges After Middle East War as Hormuz Strait Risks Push Prices Higher
rent crude at one point jumped as much as 13% to $82.37 a barrel, the highest level since January 2025. U.S. West Texas Intermediate (WTI) rose more than 12%, hitting an intraday high of $75.33 a barrel, the highest since June. The sharp rally directly reflects growing concerns over potential disruptions to physical supply in the global oil market.