Oil Futures Near $115 as Strait of Hormuz Tensions Persist

AI Summary

Oil futures rose, with the key global oil contract nearing $115. This increase is driven by ongoing tensions in the Strait of Hormuz, where there has been little progress in facilitating the passage of oil tankers. The situation may impact global oil supply and pricing. The developments are significant, as similar price levels were observed during the early days of the Iran war.