Brent crude futures rose by 1.8% today, Thursday, to record $80.9 per barrel, amid the continued closure of the Strait of Hormuz and its impact on global oil supplies.
U.S. crude futures also increased by 1.3%, reaching around $76.2 per barrel, as of 1:30 PM GMT (4:30 PM Baghdad time).
Brent crude had risen by about 25% during July, driven by escalating tensions between the United States and Iran, along with fears of disruptions to oil supplies through the Strait of Hormuz and the Red Sea.
Earlier today, the secretary of the National Security and Foreign Policy Commission in the Iranian parliament, Behnam Saidi, stated that the Strait of Hormuz will remain closed until the threats directed at Tehran have subsided.
The Iranian Foreign Ministry spokesman, Ismail Baqaei, had announced yesterday, Wednesday, that an agreement had been reached with Oman regarding the geographical coordinates for the safe navigation corridor designated for commercial ships passing through the strait.
In contrast, U.S. President Donald Trump stated yesterday, Wednesday, that the Strait of Hormuz will be reopened "soon," or else he will launch a new and strong attack on Iran.