Oil prices surged to $106.80 per barrel in early trading on Friday as the United States and Iran remain deadlocked over control of the Strait of Hormuz — and the consequences for summer travelers are becoming impossible to ignore.
Brent crude, the international benchmark, climbed nearly 5% from its Wednesday closing price after Washington and Tehran escalated their tit-for-tat seizures of commercial vessels in the strategically vital waterway. The Strait carries approximately 20% of the world’s oil supply and between 25% and 30% of global jet fuel — and it has been effectively closed to normal traffic since the U.S. and Israel launched strikes on Iran on February 28.
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