Oil Prices Rise Above $120 Amid Iran Blockade Concerns

Why it matters locally: Wyoming's oil and gas industry could face significant implications from the price surge. As a leading U.S. oil producer, the state's energy sector and related economic activity may be affected by sustained geopolitical pressure on global crude supplies.

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Oil prices increased above $120 a barrel Monday, according to the BBC, amid reports concerning the blockade affecting Iran. Market analysts cited geopolitical tensions as a factor in the price surge. CNN reported that former President Trump views the blockade as a means to bring Iran back to negotiations. Al Jazeera reported that Iranian officials threatened unspecified “practical” actions in response to the continued blockade. CNBC reported that former President Trump posted a digitally generated image of himself. The Telegraph reported Monday that the Pentagon is preparing potential military actions to address the situation in the Strait of Hormuz.