Oil Prices Rise Amid Strait of Hormuz Tension

Why it matters locally: Florida's tourism and transportation sectors, which rely heavily on fuel costs, may face increased operating expenses if elevated oil prices persist. The state's ports and cruise industry could see higher shipping and fuel surcharges.

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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.