business
5 min read
Oil Prices Rise Amid Strait of Hormuz Tension
June 12, 2026
Why it matters locally: The price surge, reflected in Chicago Mercantile Exchange trading, could increase fuel and transportation costs for Illinois businesses and consumers, particularly affecting the state's manufacturing and logistics sectors.
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.
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