Oil Price Today (June 22): Crude oil rises above $80 as Iran shuts Strait of Hormuz again. What are experts saying? (opens original article in a new tab)

Crude oil prices rose above $80 as Iran closed the Strait of Hormuz, causing supply concerns and market volatility.

• Brent crude futures rose 0.67% to $81.11 a barrel as Iran closed the Strait of Hormuz
• U.S. WTI crude futures gained 2.64% to $78.62 a barrel ahead of contract expiry
• Analysts warn global oil inventories are depleted and will take time to rebuild
• U.S. and Iranian officials' early talks under an interim peace agreement faced difficulties