Oil prices settle more than 1% higher, log strongest month since March The recent surge in oil prices has left many wondering if this is a one time event or a harbinger of a new normal. Brent futures settled up $1.
09, or 1. 2%, at $90. 12 a barrel, while U. S. West Texas Intermediate (WTI) futures closed up $1. 08, or 1. 3%, at $84. 67 a barrel. The Strait of Hormuz has long been a critical chokepoint in global oil flows.
In February, Iran began its war with Yemen, sharply curtailing traffic through the strait. The conflict disrupted millions of barrels per day of Middle East output, forcing shipping companies to re route their vessels.