APTOPIX US Energy Crisis

Crude oil tanker "Chios" has its cargo pumped into the Chevron Products Company refinery, one of California's largest petroleum processing facilities, in El Segundo, Calif., on Friday, April 17, 2026.

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Oil prices rise anew after a US-Iran standoff in the Strait of Hormuz strands tankers

Oil prices rise anew after a US-Iran standoff in the Strait of Hormuz strands tankers

Oil prices are rising in early trading as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz. The price of U.S. crude oil increased 6.4% to $87.90 per barrel an hour after trading resumed on the Chicago Mercantile Exchange. The price of Brent crude, the international standard, climbed 5.8% to $95.64 per barrel. The market reaction followed more than two days of lifted hopes and dashed expectations involving the strait. Crude prices plunged more than 9% on Friday after Iran said it would fully reopen the strait to commercial traffic. The country's government reversed course on Saturday after the U.S. vowed to maintain a naval blockade of Iranian ports.