Oil Prices Rise Amid Strait of Hormuz Tension

Why it matters locally: The price surge directly affects Louisiana's petrochemical industry and refineries, which depend on crude oil costs for production and margins. Energy sector workers and related industries across the state may experience ripple effects from sustained higher commodity prices.

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Oil prices increased on the Chicago Mercantile Exchange after conflict prevented tankers from using the Strait of Hormuz. U.S. crude oil increased 6.4% to $87.88 per barrel. Brent crude, the international standard, climbed 6.5% to $96.25 per barrel.