New York, Jul 20 (V7N)- Global crude oil prices have increased by around 3 percent as military tensions between the United States and Iran continue for an eighth consecutive day, raising concerns over possible disruptions to global energy supplies.
According to CNN, the international benchmark Brent crude price climbed to $90.78 per barrel on Sunday (July 19). Meanwhile, U.S. West Texas Intermediate (WTI) crude also rose by nearly 3 percent, reaching $84.85 per barrel.
Market analysts said concerns are growing over the impact of rising tensions around the Strait of Hormuz, one of the world’s most important energy routes. Nearly 20 percent of global oil supplies pass through the strategic waterway.
Shipping activity through the Strait has reportedly declined after tensions intensified last week. The situation became more complicated after the United States reintroduced a naval blockade around Iranian ports on Wednesday.
Meanwhile, fuel prices in the United States have also increased. However, the national average gasoline price remains slightly below $4 per gallon.
According to the American Automobile Association (AAA), the average gasoline price currently stands at $3.992 per gallon, which is around 34 percent higher than before the start of the conflict.
Energy markets are closely monitoring developments in the Middle East, as prolonged military tensions could further affect oil supplies, transportation costs and global inflation.
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