Beyond the 806
Live Updates: Iran says it will expand control in Strait of Hormuz as oil and gas prices continue to climb - CBS News
Brent crude, the international standard for oil, hit a seven-week high of $99 per barrel Tuesday morning, as Iran declared intentions to expand its control in the Strait of Hormuz.
On Monday, the head of Iran's Supreme National Security Council announced plans for a maritime "exclusion zone" outside the Strait of Hormuz. Iran aims to stop vessels attempting to transit the waterway without permission. This follows Iran's Sunday threat of "more intense and more painful" retaliation, after the U.S. Struck three Iranian oil tankers in the Persian Gulf and Gulf of Oman. Separately, Houthi strikes in Saudi Arabia wounded 73 people.
International developments often hit hard for folks here in Lubbock. Think about filling up your tank on 19th Street or commuting from Tech Terrace. Higher crude oil prices usually mean bigger bills at the pump, impacting daily commutes across Loop 289 and weekend plans.
With oil nearing $100 a barrel, how much higher will gas prices go before it really changes how we get around town?
Common questions
Why are oil prices rising for Lubbock drivers?
- Oil prices are climbing because Iran declared intentions to expand its control in the Strait of Hormuz, creating a maritime exclusion zone. This follows growing geopolitical tensions after U.S. strikes on Iranian oil tankers, directly driving up international Brent crude to a seven-week high of $99 per barrel.
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