LIVE
Just published.
Human review coming soon.
Human review coming soon.
Oil Prices Rise After Strait Threat
US oil prices rose nearly 8% to $104 per barrel. Trump said he would block the Strait of Hormuz, a key shipping route.
This came after peace talks with Iran did not succeed. Iran shipped around 1.85 million barrels of oil daily through it in March. Prices then steadied as hopes grew for a deal to reopen the strait.
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. Blocking it would disrupt global oil supplies and raise prices worldwide.
Key Terms 3
- Strait of Hormuz
- A narrow sea passage used to ship large amounts of oil
- barrel
- A unit used to measure oil, equal to about 159 litres
- blockade
- When a country uses force to stop ships from passing through