Oil prices jump as Strait of Hormuz standoff escalates

Crude oil prices rose in early trading Sunday. The price of U.S. crude oil jumped 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. The market reaction followed more than two days of rising hopes, and then dashed expectations, involving the strait. Sunday’s early gains erase a portion of the losses seen Friday, when crude plunged more than 9% after Iran’s foreign minister said the strait had reopened to commercial tankers. Copyright ©2026 Ada Derana. All rights reserved. Solution by Technology PartnerFortunacreatives.