Due to growing supply concerns, the price of crude oil continues to rise.

With the actual closure of the Hormuz Strait to shipping, concerns about supply are growing, and crude oil futures prices are touching near two-year highs. Peter Cardillo of Spartan Capital stated in a report, "We believe that crude oil prices could accelerate towards $100 per barrel, as the closure of the Hormuz Strait will continue to be a challenge in the medium term." He also said, "There are no easy solutions readily available to quickly address the supply disruption issue." West Texas Intermediate crude oil rose 5.5% to $85.42 per barrel, while Brent crude oil rose 4.1% to $88.87, both reaching their highest levels since April 2024.