business
5 min read
Oil Prices Rise Amid Strait of Hormuz Tension
June 12, 2026
Why it matters locally: The price surge affects Texas's energy sector and refineries, which process significant crude volumes. Higher oil prices typically increase upstream production activity in the Permian Basin and other Texas oil fields.
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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