Brent Crude Prices Remain High Amid Strait of Hormuz Disruption

Rishi Sunak highlighted the economic impact of the Iran war, noting that trade constitutes approximately 25% of the U.S. GDP compared to 60–70% for the UK. According to NS3.AI, this disparity leaves the UK and Europe more vulnerable to the economic consequences of the conflict. Sunak pointed out that Brent crude prices surged above $119 per barrel following disruptions in the Strait of Hormuz and continue to trade above $90 despite a two-week ceasefire.