Brent crude climbed near $90 a barrel as Iranian officials said the Strait of Hormuz would remain closed unless Washington accepted conditions to end the conflict. Traffic through the waterway has already fallen sharply, raising concerns for oil-importing Asian economies.
Brent crude rose near $90 a barrel on Wednesday as doubts over a U.S.-Iran peace deal and renewed attacks on shipping raised concerns about supply disruptions. The move came as Iranian officials said the Strait of Hormuz would remain closed unless Washington accepted conditions for ending the conflict.
Shipping traffic falls sharply
Shipping traffic through the waterway has fallen sharply, raising concerns for oil-importing Asian economies that depend on the route.
Asian currencies feel the squeeze
Higher crude oil costs pose a particular challenge for Asian currencies by worsening import costs and potentially adding to inflation.
Source: Forex News (Investing.com)
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