Crude Oil Tops $80

Crude oil prices climbed more than 8% to above $80 per barrel, their highest level since July 2024 as the escalating war with Iran disrupted global fuel supplies.

Tanker traffic in the Strait of Hormuz remians largely halted and Iran claimed it struck an oil tanker with a missile.

Adding to the strain, China’s government has ordered its major refiners to halt exports of diesel and gasoline.

Attempts to calm the market, including proposals for vessel insurance and naval escorts, have so far failed to reassure investors, who are increasingly bracing for a prolonged conflict.

Meanwhile, EIA data showed US crude inventories rose by 3.5 million barrels to 439.3 million, well above expectations, providing a buffer against potential supply shocks.