The US-Iran ceasefire collapse and Iran's Strait of Hormuz threat push Brent to $78, jolting Asia, Europe and Latin America alike.
Rio Times · Analysis
Key Facts
—What happened The US declared its Iran ceasefire over and Iran threatened to close the Strait of Hormuz again.
—Oil price Brent jumped 5.2% to settle at $78.02 a barrel; WTI rose 4.4% to $73.52.
—The chokepoint Roughly a fifth of the world’s oil and LNG normally moves through Hormuz.
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