U. S. Oil Tops $84 as Hormuz Deal Hopes Dwindle and Deadlock Deepens The recent surge in oil prices is a stark reminder that global events can have far reaching consequences for even the smallest businesses. U. S.
West Texas Intermediate futures reached $84. 36 a barrel, their highest level this month. Tensions between the US and Iran continue to escalate, with the Strait of Hormuz remaining a critical flashpoint.
This strategic shipping lane accounts for more than 20% of global crude exports. The ongoing standoff between Washington and Tehran has dimmed hopes for a deal to fully reopen the strait.