Crude prices surge on Hormuz blockade concerns and tensions

Iran Herald · June 2, 2026 Sanctions

NEW YORK CITY, New York: Oil prices surged by about $5 a barrel on June 1 as fears of further disruptions to global energy supplies intensified following reports that Iran and its allies were considering actions that could threaten key shipping routes in the Middle East. Brent crude rose $4. 80, or 5.