Both WTI and Brent crude rose significantly on Wednesday following continued blockades in the Strait of Hormuz and the wait for new negotiations between the U.S. and Iran. The price rise continues.
Brent crude has remained at high levels overnight, although Wednesday's rise has slowed somewhat. The June futures price was just over $121 per barrel at 4 a.m. Thursday. A few hours later, the price had risen another $4.
U.S. WTI, which has generally been slightly lower than Brent, is approaching $110 per barrel for the same month.
Price levels are now among the highest in several years.
