London (Commerce Desk): Crude oil prices in the global market recorded an increase of more than 3 percent due to rising tensions between the United States and Iran and concerns over disruptions to energy supplies through the Strait of Hormuz.
According to reports, Brent crude oil prices increased by $2.75, rising 3.12 percent to reach $90.85 per barrel.
Similarly, the price of U.S. crude oil, West Texas Intermediate (WTI), increased by $2.56, rising 3.10 percent to $85.05 per barrel.
According to experts, nearly 20 percent of global crude oil and liquefied natural gas (LNG) shipments pass through the Strait of Hormuz. Therefore, the current situation could further increase uncertainty in global supplies, marine insurance costs, and the energy market.