Crude oil and natural gas futures surged for a second day Tuesday, after Iran ordered the closure of the Strait of Hormuz and threatened to attack any tanker that tries to pass through the waterway.
U.S. crude oil prices rose about 7%, or $5.02, to $76.31 per barrel by 8:30 a.m. ET, while global benchmark Brent jumped 7.3%, or $5.62, to $83.39 per barrel.
Oil prices have soared more than 14% this week as tanker traffic through the Strait has ground to a halt. About 20% of global oil consumption passes the Strait with exports going primarily to China, India, Japan and South.
European natural gas prices have soared more 70% this week after Qatar ceased liquefied natural gas production due to Iranian drone attacks.
The British futures contract was up about 30% Tuesday while the Dutch contract jumped about 27%. About 20% of global LNG exports come from the Gulf, mostly Qatar, and pass the through the Strait.
Wall Street commodities strategists have warned that oil prices could surge above $100 per barrel if the Strait is closed for a prolonged period.
