Oil prices climbed Sunday after Iran once again blocked the passage of most ships through the Strait of Hormuz, a key waterway for one-fifth of the world’s crude.
Brent crude, the international benchmark, was up about 7% to $96.88, after settling on Friday at its lowest level since March 10 on news Iran would re-open the strait. US crude was up 7% to $90.33.
But it remained unclear how open the strait truly was and which ships would be able to transit when. And on Saturday, Iran said it was closing the Strait of Hormuz again, blaming the United States for “breaches of trust.”