Crude oil prices jumped Thursday as Iran closed the Strait of Hormuz following U.S. military strikes. Tehran announced it will attack any vessel attempting to pass through the critical energy corridor. Brent crude futures rose above $94 a barrel, while WTI topped $91.
The U.S. Producer Price Index for May rose 1.1% month-over-month. Wholesale inflation increased 6.5% on an annual basis, exceeding market expectations. A 10.7% jump in energy prices largely drove the surge in wholesale inflation.
U.S. crude inventories fell by 7.2 million barrels. This larger-than-expected draw provided additional upward pressure on energy prices.