March 27 (UPI) -- Brent crude oil reached $111.41 per barrel Friday morning after two Chinese ships were blocked from passing through the Strait of Hormuz.
Oil prices have steadily climbed since Monday despite President Donald Trump backing off his plan to bomb Iran's energy infrastructure. Friday's price hike follows a 5.7% jump on Thursday.
Trump said he is postponing his plan to attack Iran's infrastructure for 10 days amid positive talks with Iran; talks that Iran denies having. The president maintained that negotiations are continuing, posting on social media Thursday that they are "going very well."
Iran informed the United Nations earlier this week that it would allow non-hostile vessels to pass through the strait. China is an ally of Iran.
Related
