Global oil prices hit highest level in 5 months amid attacks on ships, facilities - ABC News - Breaking News, Latest News and Videos

Source: ABC News - Breaking News, Latest News and Videos

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DW NOTE

The Strait of Hormuz has been effectively closed for two days, cutting the world's most important oil chokepoint to 5% of normal traffic. Brent is at $108.77 — up 78% year-over-year but still 8% below its 2026 peak. Either traders believe Iran's ceasefire offer will reopen the waterway within a week, or they are pricing in a supply shock with unprecedented complacency.

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