U.S. Oil Prices Jump 7% Above $89 as Iran Closes Strait of Hormuz
Markets reacted after Iran shut the Strait of Hormuz, a key global oil shipping route, and denied reports of a second round of talks with the United States.
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Terms & Concepts
Strait of Hormuz: A narrow shipping chokepoint through which a large share of global oil exports passes, making disruptions highly significant for energy markets.
Oil price spike: A rapid increase in crude prices, often driven by supply concerns, geopolitical tensions, or transport disruptions.