Oil Prices Rise Amid Strait of Hormuz Tension

Why it matters locally: Michigan consumers and businesses dependent on fuel and transportation could see increased costs if oil prices remain elevated. The state's manufacturing sector, a significant portion of the economy, may face higher operational expenses.

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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.