Doha: Oil prices rose by more than 3 percent at settlement today, as concerns persisted over tight supply following the closure of the Strait of Hormuz. Brent crude futures for June delivery increased by $3.03, or 2.8 percent, to settle at $111.26 per barrel. US West Texas Intermediate crude for June delivery climbed $3.56, or 3.7 percent, to settle at $99.93 per barrel.

According to Qatar News Agency, the recent closure of the Strait of Hormuz has intensified worries about the global oil supply. The strait is a crucial chokepoint through which a significant portion of the world's oil passes. The disruption has led to market reactions, with traders anticipating potential shortages in the near future.

The impact of the closure is being closely monitored by global energy markets. Analysts are evaluating the long-term implications for oil prices and supply chains, while stakeholders across industries prepare for possible fluctuations. The developments underscore the strategic importance of the Strait of Hormuz in global energy supply logistics.