Oil prices spike again following latest standoff in the Strait of Hormuz

The ongoing conflict with the U.S. and Iran prevented tankers from passing through. The price of U.S. crude oil increased 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.

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