Oil prices rise after attacks on ships in Strait of Hormuz

Attacks on ships in the Strait of Hormuz have disrupted oil shipments, causing global oil prices to increase. In response, the United States and other countries have agreed to release oil from their emergency strategic reserves to try to stabilize the market.

President Donald Trump has directed the release from the U.S. Strategic Petroleum Reserve and is reviewing other options to try to lower energy costs. The Energy Information Administration has raised its official price outlook for oil due to the crisis.