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Home›Commodities›Energy›U.S. oil rises above $75 after Hormuz blockade reinsta…

U.S. oil rises above $75 after Hormuz blockade reinstated on Iranian ships

Reported · Written up by our desk · Energy

Oil prices jumped, moving above $75 a barrel, after the Trump administration reinstated a blockade on Iranian ships through the Strait of Hormuz, according to CNBC World.

The outlet said the U.S. and Iran were disputing whether the strait was open to ship traffic following trading strikes over the weekend.

CNBC World reported the renewed blockage added supply and shipping risk to the market, contributing to the sharp move higher in crude.

Latest closeWTI crude $78.04 ▲9.3%

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Sources

CNBC WorldU.S. oil jumps above $75 a barrel after Trump reinstates Strait of Hormuz blockade on Iranian ships

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