Oil jumps on renewed Hormuz tensions as Iran-U.S. clashes persist
Oil prices rose after renewed tensions in the Strait of Hormuz disrupted tanker traffic, with U.S. crude up about 6.4% to $87.88 a barrel and Brent around $96.25 as trading resumed. The flare-up follows a cycle of threats and counter-threats between Iran and the U.S., including naval actions and Iran’s threats to reopen the strait, contributing to a global energy crisis and keeping pump prices high—near $4 a gallon in the U.S.—while analysts warn that a full normalization of shipments could take months even if a ceasefire or deal emerges.