Oil rises as hopes fade for reopening the Strait of Hormuz

Brent crude and US crude futures rose again as hopes of reopening the Strait of Hormuz faded. Oil prices climbed more than 5% amid uncertainty over talks to reopen the strait, while Brent rose 5%, or $4, and approached $88 a barrel. Reuters said Brent crude futures rose by $4 as Iran and the United States exchanged compensation demands and hopes for an agreement to open the Strait of Hormuz faded. Bloomberg said oil is jumping as markets await more clarity on developments in the Middle East, amid rising concerns over the impact of the Revolutionary Guard closing the Strait of Hormuz on shipping and global oil supplies. The Wall Street Journal reported that US stocks fell as hopes of reopening the Strait of Hormuz faded again.