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Oil CEO Warns Strait Still Closed
Sultan Ahmed Al Jaber leads Abu Dhabi's oil company. He said the Strait of Hormuz is still closed.
This is despite a United States-Iran ceasefire agreed earlier this week. Al Jaber warned of oil supply drops.
This would happen if Iran controls the strait. On Thursday, Brent crude oil rose toward $98 a barrel.
United States oil hit over $100 a barrel. Prices rose due to uncertainty over the ceasefire.
Klear Note — The Strait of Hormuz is a narrow waterway between Iran and Oman. About one-third of world's oil passes through it. If Iran blocks it, global oil prices rise sharply.
Key Terms 3
- Strait of Hormuz
- narrow sea passage where much of world's oil travels through
- ceasefire
- agreement to stop fighting between two sides
- Brent crude
- standard type of oil used to set global oil prices