Strait of Hormuz Standoff: A Test of Global Economic Resilience The standoff between the US and Iran over the Strait of Hormuz has sent oil prices seesawing, with Brent crude futures gaining 0. 2% to $83.
72 a barrel while US West Texas Intermediate (WTI) futures remaining largely flat at $78. 17 per barrel.
The dispute centers on the critical waterway that connects the Persian Gulf to the Gulf of Oman, which has been closed since May when US President Joe Biden's administration reimposed sanctions on Iran following the collapse of the 2015 nuclear deal.