Oil Surges Past $85 as Hormuz Crisis Chokes Global Supply

2026-03-04 - 10:13

Key Points — Brent crude touched $85.12 on Tuesday, its highest since July 2024, before settling at $81.40 after Trump offered U.S. insurance and Navy escorts for tankers transiting the Strait of Hormuz — Iran’s Revolutionary Guard declared the strait effectively closed, with tanker traffic dropping to near zero, threatening 20% of global oil supply