Global oil prices jumped sharply on Sunday after Iran closed the Strait of Hormuz once again, raising fears of supply disruptions.
Brent crude rose 5 percent, gaining $5.13 to reach $95.51 per barrel. U.S. West Texas Intermediate crude climbed 7 percent to $90.33 per barrel.
Prices had eased on Friday after reports said Iran was willing to reopen the vital waterway. However, Tehran reversed course on Saturday and announced a renewed closure.
The Strait of Hormuz carries nearly one-fifth of the world’s crude oil shipments, making it a critical artery for global energy markets.
Tensions remain high as a ceasefire period between the United States and Iran is set to expire on Wednesday.
Iran blamed Washington for the latest escalation, accusing it of “breaches of trust.” Meanwhile, the U.S. Navy fired on and seized an Iranian-flagged cargo vessel in the Gulf of Oman after it attempted to break the blockade, further intensifying the standoff.
