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Oil Prices Jump Above $100 Per Barrel
Oil prices climbed above $100 per barrel. Iran's new leader called for the Strait of Hormuz to stay closed.
His name is Mojtaba Khamenei. This waterway carries much of the world's oil.
The International Energy Agency warned this is the largest supply disruption ever. Trump said stopping Iran's nuclear weapons matters most. He said oil costs are less important.
Klear Note — The Strait of Hormuz is a narrow waterway between Iran and Oman. About one-third of world's oil passes through it daily. When it closes, global oil supplies drop sharply and prices rise.
Key Terms 4
- Strait of Hormuz
- A narrow sea passage that carries much of the world's oil
- oil futures
- Agreements to buy oil at a set price in the future
- International Energy Agency
- A global group that tracks and reports on world energy supply
- supply disruption
- When the normal flow of goods like oil is blocked or stopped