closure of the Strait of Hormuz<\/a> and threatened to attack any tanker that tries to pass through the waterway. <\/p>\nU.S. crude oil prices rose about 7%, or $5.02, to $76.31 per barrel by 8:30 a.m. ET, while global benchmark Brent jumped 7.3%, or $5.62, to $83.39 per barrel. <\/p>\n
Oil prices have soared more than 14% this week as tanker traffic through the Strait has ground to a halt. About 20% of global oil consumption passes the Strait with exports going primarily to China, India, Japan and South. <\/p>\n
European natural gas prices have soared more 70% this week after Qatar ceased liquefied natural gas production due to Iranian drone attacks. <\/p>\n
The British futures contract was up about 30% Tuesday while the Dutch contract jumped about 27%. About 20% of global LNG exports come from the Gulf, mostly Qatar, and pass the through the Strait. <\/p>\n
Wall Street commodities strategists have warned that oil prices could surge above $100 per barrel if the Strait is closed for a prolonged period. <\/p>\n
Catch up on the latest energy news from CNBC Pro:<\/p>\n","protected":false},"excerpt":{"rendered":"Crude oil and natural gas futures surged for a second day Tuesday, after Iran ordered the closure of…\n","protected":false},"author":2,"featured_media":620,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[28],"tags":[116,118,702,130,157,135,129,126,131,703,705,133,102,122,698,34,110,207,700,132,123,701,128,101,127,117,704,109,699],"class_list":{"0":"post-619","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-strait-of-hormuz","8":"tag-lco26q","9":"tag-ng26j","10":"tag-rb26n","11":"tag-bp-plc","12":"tag-breaking-news-markets","13":"tag-business-news","14":"tag-cheniere-energy-inc","15":"tag-chevron-corp","16":"tag-conocophillips","17":"tag-environment","18":"tag-eog-resources-inc","19":"tag-exxon-mobil-corp","20":"tag-hormuz","21":"tag-ice-brent-crude-oct25","22":"tag-investment-strategy","23":"tag-iran","24":"tag-lp","25":"tag-markets","26":"tag-natural-gas-sep25","27":"tag-occidental-petroleum-equity-warrants-exp-3rd-august-2027","28":"tag-oil-and-gas","29":"tag-rbob-gas-sep25","30":"tag-shell-plc","31":"tag-strait-of-hormuz","32":"tag-totalenergies-se","33":"tag-united-states-brent-oil-fund","34":"tag-united-states-gasoline-fund","35":"tag-united-states-oil-fund","36":"tag-wti-crude-sep25"},"share_on_mastodon":{"url":"","error":"Validation failed: Text character limit of 500 exceeded"},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/619","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/comments?post=619"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/posts\/619\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media\/620"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/media?parent=619"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/categories?post=619"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/iran\/wp-json\/wp\/v2\/tags?post=619"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}
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