Oil Prices Rise Amid Strait of Hormuz Tension

Why it matters locally: The price surge could boost revenues for Oklahoma's oil and gas sector, which remains a significant contributor to the state's economy. However, higher crude costs may also increase expenses for refineries and energy-dependent industries operating in the state.

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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.