Brent Oil Surges Above $105 Amid Strait of Hormuz Tensions

Brent oil prices soar above $105 per barrel as tensions escalate in the Strait of Hormuz. Prices jumped over 3% on Thursday, closing at $105.07. Meanwhile, West Texas Intermediate also rises to $95.85. Here's the thing: Iran demands that ships get its permission to cross the strait, while President Donald Trump insists the U.S. has "total control" of the area. The U.S. has enforced a blockade of Iran's ports since April, leading to low oil tanker traffic. Recently, Iran detained two cargo ships, and the U.S. intercepted several Iranian tankers. What’s interesting is that Israel's defense minister says they’re ready to act against Iran, waiting only for the U.S. to give the green light. This follows the death of Iran's Supreme Leader Ayatollah Ali Khamenei, succeeded by his son. Additionally, concerns arise as reports suggest Iran's top negotiator resigned due to interference from the Revolutionary Guard. The bottom line? These developments could lead to further instability in the region, impacting oil prices and the global economy.