Oil Prices Rise Amid Strait of Hormuz Tension

Why it matters locally: The price surge could increase gas prices at New Jersey pumps and raise heating costs for residents heading into winter months, as the state imports refined petroleum products and relies on oil for home heating.

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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.