Oil prices rise after Iran restricts access to Strait of Hormuz and ceasefire nears expiration | CNN Business

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 reopen 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.” After announcing the closure on Saturday, Iranian gunboats fired on tankers attempting to pass through the strait, which President Donald Trump on Sunday called a “violation” of the ceasefire, adding that “our BLOCKADE has already closed (the Strait of Hormuz).” The US military on Sunday fired “several rounds” towards an Iranian-flagged ship attempting to violate the US naval blockade, raising fears that the war will escalate in the coming weeks. The US ultimately seized the Iranian-flagged “Touska,” according to US Central Command. Iran’s military warned that it would soon respond and â