Oil Hits $100+ on Hormuz Blockade Threat

Oil prices surged above $100 per barrel as Brent hit $102.16 and WTI $104.24 following a Navy blockade threat in Hormuz.
Global energy equities rose, with Chevron, ExxonMobil, ConocoPhillips, Occidental gaining 2‑3% and European majors BP, Shell, TotalEnergies, Repsol up 1‑2%.
President Donald Trump announced a Navy blockade of the Strait of Hormuz, warning fuel prices could stay high through November’s midterm elections.
Rabobank strategist Joe DeLaura warned that without a cease‑fire, Brent futures could climb to $120‑130 per barrel, reflecting upside risk.