Oil Climbs to a 1-Month High as the U.S. and Iran Trade Attacks in the Strait of Hormuz. Here's What it Means for Energy Investors.
Yahoo Finance ·
Oil prices spiked on Tuesday to above $87/barrel: their highest levels in more than a month as the U.S. announced it would impose a naval blockade on Iran in the Strait of Hormuz. The move is in response to Iran’s attacks on regional U.S. allies and passing ships traversing the Strait. A return of higher oil prices is unwelcome news for American consumers. Even big oil companies – which theoretically stand to benefit when oil prices are high – may not be thrilled with this latest development. Here’s what the oil price spike means for energy investors.
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