Why are oil prices up now and will Brent futures and US WTI crude prices continue to rise or decline again? Oil market reacts to US-Iran escalation and Strait of Hormuz closure

Source: The Times of India | Jun 12, 2026

Why are oil prices up now and will Brent futures and US WTI crude prices continue to rise or decline again? Oil markets moved higher after tensions between the United States and Iran increased. Traders reacted to reports about the Strait of Hormuz closure, mi…