Oil prices rose on the 19th after Iran re-closed the Strait of Hormuz to most ships. The Strait of Hormuz is an important waterway that accounts for one-fifth of the world’s crude oil transportation. The rise in prices is also due to the expiration of the ceasefire agreement between the United States and Iran on the 22nd. Brent crude oil, an international benchmark, rose about 7% to $96.88 per barrel, having closed at its lowest since March 10 on the 17th following reports that Iran would reopen the strait. US crude oil also rose 7%…
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