London —
Oil prices climbed Monday, after the US military said it would implement a shipping blockade in the Strait of Hormuz — a move that could test the current ceasefire while further tightening global oil supply.
Brent crude, the global oil benchmark, rose 7% to near $102 a barrel — a gain of 40% since the start of the war. WTI, the US benchmark, climbed by a similar margin to $103.5 a barrel, around 54% higher than it was before the war effectively shuttered the Strait of Hormuz.
The United States Central Command, part of