Oil rises above $106 per barrel as US, Iran deadlocked in Strait of Hormuz

Jump in prices comes as Donald Trump says vessels will need permission of US Navy to transit key waterway.

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Oil prices have jumped on heightened tensions between the United States and Iran in the Strait of Hormuz following Washington and Tehran’s tit-for-tat captures of commercial vessels.

Brent crude, the international benchmark, topped $106 per barrel early on Friday morning as Washington and Tehran stepped up their confrontation over the key maritime route for transporting the world’s energy.

Oil rises above $106 per barrel as US, Iran deadlocked in Strait of Hormuz

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Oil prices rise after US and Iran exchange fire in Hormuz strait