Crude tops $85 as US reinstates Strait of Hormuz blockade
Oil prices surged above $85 per barrel after the United States reinstated a naval blockade on Iran in the Strait of Hormuz.
Brent crude futures rose 1.19% to $85.74 a barrel, and West Texas Intermediate gained 0.95% to $80.09 a barrel.
US President Donald Trump announced the blockade and said the US would seek reimbursement from countries benefiting from naval protection.
The United Arab Emirates reported that two UAE oil tankers were struck by Iranian cruise missiles in Omani territorial waters, killing one Indian crew member.
US Central Command launched a third consecutive night of strikes on Iranian military targets, with reports of explosions in Bandar Abbas and Kish Island.
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