The Economic Times

Why are oil prices up today, and will Brent futures and US WTI crude prices continue to rise or decline again? Iran war, Strait of Hormuz disruption and falling oil stockpiles drive market

Why are oil prices up today, and will Brent futures and US WTI crude prices continue to rise or decline again? Oil prices moved higher and reached a one-week high as traders watched developments surrounding Iran and the United States. Concerns over the Strait of Hormuz, lower global oil inventories, and expectations of strong summer demand supported prices. Market participants are now assessing whether Brent futures and US WTI crude prices can continue rising or face another decline depending on geopolitical and supply developments.