Brent oil price near $100 again with U.S.-Iran talks uncertain and Hormuz still blocked

Crude oil prices neared $100 again on Thursday, as tanker traffic through the Strait of Hormuz remains very low with no clear pathway to fully reopen the vital sea lane.

International benchmark Brent

for June delivery surged nearly 5% to close at $99.39 per barrel. West Texas Intermediate

crude for May rose almost 4% to settle at $94.69 per barrel.

Just a few oil tankers are passing through the strait daily as the U.S. Navy blockades Iran’s coast and Tehran threatens to retaliate against ships in the Persian Gulf.