Oil prices rise as Trump seeks coalition to reopen Strait of Hormuz
Oil prices climb past $106 as Hormuz standstill chokes global energy flows
Oil prices extended gains at the start of the week as markets saw little prospect of a swift end to the effective closure of the Strait of Hormuz, a chokepoint that typically carries about one-fifth of the world’s oil.
Brent crude, the global benchmark, rose as much as 3% on Sunday to top $106 a barrel before easing slightly. It traded at $104.63 as of 04:30 GMT Monday, up nearly 1.5%.
Brent crude: $104.63 at 04:30 GMT, after briefly topping $106…