Oil prices rise as Strait of Hormuz remains closed amid Iran conflict

The Strait of Hormuz, a critical waterway for global oil shipments, remains closed. An Iranian official stated it would stay shut until Iran receives compensation for war damages.

This closure, along with heightened rhetoric from President Trump targeting Iran, has contributed to rising oil prices. US crude futures increased by over a dollar, and Pakistan's national airline, PIA, cut operations and ended discounts due to higher jet fuel costs.