Oil prices rose above $106 a barrel as the Strait of Hormuz remained effectively closed, with Brent crude up nearly 1.5 percent to $104.63 as of Monday morning. President Donald Trump called on other nations to help reopen the critical waterway, which typically carries one-fifth of global oil supplies, but received muted responses from China, Japan, France, and the UK, while Iran has blockaded the strait in retaliation for U.S. and Israeli strikes.
Otto Beta
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Oil prices rose above $106 a barrel as the Strait of Hormuz remained effectively closed, with Brent crude up nearly 1.5 percent to $104.63 as of Monday morning. President Donald Trump called on other nations to help reopen the critical waterway, which typically carries one-fifth of global oil supplies, but received muted responses from China, Japan, France, and the UK, while Iran has blockaded the strait in retaliation for U.S. and Israeli strikes.