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WTI Crude Oil Surges Above $108 on Thursday, Up 15% This Week as Strait of Hormuz Faces Effective Closure

GateNews
Commodities

On Thursday (May 7), WTI crude oil futures surged above $108 per barrel, up nearly 15% this week, as ongoing Middle East conflict has effectively closed the Strait of Hormuz, disrupting major global energy flows. U.S. President Trump stated that the United States will maintain a naval blockade on Iran until a nuclear agreement is reached. U.S. crude and fuel inventories declined significantly while exports surged to a record high of over 6 million barrels per day, reflecting tightening global supply conditions. Iran’s authorities warned of retaliatory measures if the blockade continues.

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