Brent tops $82 as Trump warning revives Strait of Hormuz supply fears

Oil prices climbed on June 22 after Donald Trump warned Iran against closing the Strait of Hormuz and threatened military action, stoking fears of renewed Middle East escalation and disruption along a key shipping lane. Brent rose as much as 2.2% to above $82 a barrel, while WTI traded above $78. US and Iranian officials began talks in Switzerland, though Iran said discussions were briefly paused. About 80 million barrels of crude are waiting on tankers in the Persian Gulf to transit Hormuz, and any restriction would hit nearly one-third of global oil supply.