Oil jumps over 2% as doubts linger over U.S.-backed plan to protect Strait of Hormuz shipping

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Oil prices jumped over 2% on Tuesday as uncertainty lingered over a U.S.-led coalition to protect shipping through the Strait of Hormuz.

International benchmark Brent crude gained 2.45% to $102.57 per barrel, while the U.S. West Texas Intermediate rose 2.51% to $95.85 per barrel as of 8:44 p.m. ET.

U.S. Treasury Secretary Scott Bessent said Monday that the U.S. was allowing Iranian oil tankers to pass through the Strait of Hormuz.

The Wall Street Journal reported that the U.S. would soon announce a coalition of countries to escort ships through the Strait, citing officials.