Oil Prices Rise Amid Strait of Hormuz Tension

Why it matters locally: Wyoming's oil and gas industry, a cornerstone of the state's economy, could see ripple effects from the price surge. Higher crude prices typically benefit Wyoming producers but may also influence upstream drilling investment decisions and royalty revenues for state and private landowners.

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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.