WASHINGTON, D.C. — The price of the main US benchmark for oil surged more than five percent late Tuesday as US President Donald Trump upped his threats surrounding the strategic Strait of Hormuz.
Around 2230 GMT, the West Texas Intermediate (WTI) was up 5.03 percent at $87.65 a barrel.
Oil prices have been on a wild ride with prices falling earlier on Tuesday as member states of the International Energy Agency met for crisis talks to assess the potential release of emergency stocks.
Oil prices on Monday surged well above 100 dollars a barrel, after Iranian attacks on shipping effectively closed the Strait of Hormuz in response to the US-Israeli strikes that killed Supreme Leader Ayatollah Ali Khamenei.
