Oil Sent Higher as Iran Threatens to Close Strait of Hormuz

Oil buyers remained sensitive after threatened to close the Strait of Hormuz, the world's most important oil transit chokepoint, should the US and its allies impose sanctions on Iranian oil exports. Benchmark oil prices gained with the benchmark WTI crude contract rising to a 3-day high of 101.1 and the equivalent Brent crude contract soaring to as high as 110.1. Stronger-than-expected European economic data also added further supports to oil prices.

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Oil Sent Higher as Iran Threatens to Close Strait of Hormuz