"Oil prices soared more than 6 percent on worries about prolonged supply disruption in the Strait of Hormuz and fears of a lengthy US siege of Iranian ports."
"A White House official said on Wednesday that US President Donald Trump had asked US oil companies about ways to mitigate the impact of a potentially months-long siege of Iranian ports."
"Prospects for any near-term resolution to the Iran conflict or a reopening of the Strait of Hormuz remain dim, IG market analyst Tony Sycamore said in a note on the current situation."
Oil prices have increased significantly, with US crude rising 6.95% to $106.88 per barrel and Brent crude up 6.08% to $118.03. The surge is attributed to fears of prolonged supply disruptions in the Strait of Hormuz and the US blockade of Iranian ports. President Trump met with oil executives to discuss strategies to mitigate the impact of a potential long-term siege on fuel supplies. The Pentagon reported that the conflict with Iran has cost the US military $25 billion, with no resolution in sight.
Read at www.aljazeera.com
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