Oil Prices Rise Amid Strait of Hormuz Tension

Why it matters locally: Washington consumers and businesses reliant on fuel costs will likely see impacts at the pump and in transportation expenses as crude prices climb. The state's shipping and logistics industries could face increased operational costs.

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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.