The global price of Brent crude has gone up to over $84 per barrel, as of Wednesday, with West Texas Intermediate trading close to $76 per barrel, after Iran threatened to attack any tanker attempting to enter the Strait of Hormuz.
Brent rose $2.67, or 3.3%, to $84.07 a barrel by 0659 GMT, after closing on Tuesday at its highest since January 2025 as the U.S.-Israeli war on Iran disrupted Middle East supplies. U.S. West Texas Intermediate crude rose $2.24, or 3%, to $76.8, after settling at its highest since June.
In response to Iranian threats of attacks on tankers moving through the Strait of Hormuz, and as insurers cancel coverage, President Trump has offered U.S. insurance from the Development Finance Corporation for tankers loading in the Middle East, along with a U.S. Navy escort “if necessary”.
