Oil Prices Rise Above $120 Amid Iran Blockade Concerns

Why it matters locally: The price surge could impact Oklahoma's oil and natural gas producers and refineries. Energy sector companies operating in the state may see shifts in production economics and market positioning as geopolitical tensions affect global crude prices.

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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.