Brent crude price jumps above $70 on Hormuz jitters — what oil traders watch next
Brent crude futures jumped 4.1% to $70.19 a barrel Wednesday as Middle East supply fears resurfaced after Iran briefly shut the Strait of Hormuz during military drills. U.S. WTI rose 4.3% to $64.93. Traders cited U.S.-Iran tensions, shifting U.S. naval deployments, and stalled Russia-Ukraine talks as drivers. Reuters reported odds of U.S. strikes on Iran by end-April at 65%.