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Oil prices jump as Strait of Hormuz standoff escalates
Apr 20, 202609:43 AM
Crude oil prices rose in early trading Sunday.
The price of U.S. crude oil jumped 6.4% to $87.88 per barrel after trading resumed on the Chicago Mercantile Exchange.
The price of Brent crude, the international standard, climbed 6.5% to $96.25 per barrel.
The market reaction followed more than two days of rising hopes, and then dashed expectations, involving the strait.
Sunday’s early gains erase a portion of the losses seen Friday, when crude plunged more than 9% after Iran’s foreign minister said the strait had reopened to commercial tankers.
Source: AP
--Agencies
