Oil Prices Spike as Iran Declares Strait of Hormuz Closed

Oil prices surged again in early Asian trade on Thursday after Iran declared the Strait of Hormuz closed following a fresh round of U.S. strikes on the country. At the time of writing, Brent crude had climbed 2.26% to trade at $95.20 per barrel, while West Texas Intermediate had risen 2.5% to $92.30 per barrel. Both benchmarks have seen extreme volatility this week as outbreaks of attacks are quickly followed by claims of an imminent deal being signed. The latest escalation started with the downing of a U.S. Apache helicopter near the Strait…