Oil Prices Rise Amid Middle East Tensions and Strait of Hormuz Closure
Oil prices have increased as tensions in the Middle East continue to affect global energy markets. The ongoing conflict has led to the closure of the Strait of Hormuz, a critical chokepoint for global oil shipments. Despite a three-week extension of the ceasefire between Israel and Lebanon, announced after a meeting at the White House, concerns over the stability of the region persist. Brent crude oil prices rose by over 1.25% to $105.38 per barrel, while U.S. West Texas Intermediate futures increased by 1.14% to $96.96 per barrel. The situation remains tense as both the U.S. and Iran have seized ships, further complicating the geopolitical landscape. 
