London – Oil prices rose today, Friday. They increased by 5 to 7 percent. Prices approached $90. This marks their highest level in two years.
Brent crude reached $89.62 per barrel. It rose by 5 percent in today’s trading. West Texas Intermediate (WTI) crude recorded $87.32. This was a 7 percent increase. This occurred by 2:30 PM GMT.
The rise in oil prices is driven by ongoing threats. These threats face energy shipments through the Strait of Hormuz. Approximately 20 million barrels of oil pass through it daily.
As the war continues, navigation through the Strait of Hormuz has sharply declined. Reports indicate hundreds of ships are congested on both sides. This is due to increasing security risks.