The prices of oil futures continued to move upward on Monday, with the West Texas Intermediate (WTI) rallying over 7.5% after media reported that Tehran would stop negotiations with the United States over Israel's latest military actions in Lebanon, and completely close the Strait of Hormuz. Iran and the US also recently exchanged strikes, further bringing the stability of the region into question.
WTI for July deliveries soared 7.80% at 10:16 am ET, going for $94.19 per barrel. At the same time, Brent for the August settlements soared 6.69%, selling at $97.22 a barrel.
https://breakingthenews.net/Article/WTI-surges-over-7.5-amid-Iran-escalation-fears/66410053
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