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Brent jumps more than 9% after Iran blockade is reinstated
The move followed renewed uncertainty about access to the Strait of Hormuz, after U.S. and Iran disputed whether the shipping route was open to traffic.
Brent crude rose more than 9%, its biggest daily gain since 2020, after the U.S. reinstated an Iran blockade, CNBC World reported.
The outlet said the decision came as the U.S. and Iran disputed whether the Strait of Hormuz was open to ship traffic in the aftermath of trading strikes over the weekend.
CNBC World also noted that the dispute centered on whether normal shipping operations could continue through the key chokepoint, which is critical for global oil flows.
The surge highlights how fast market expectations can shift when shipping access in the Strait of Hormuz is in doubt.
Latest closeWTI crude $78.04 ▲9.3%|Brent $83.15 ▲9.4%