By Barbara Kollmeyer and Mike Murphy
U.S. insists passageway is open as analysts say some ships are traversing
A ship sails off the coast of Ajman on July 10, 2026. Iran has said the Strait of Hormuz is closed for traffic, while the U.S. refutes that claim as the two sides exchanged fresh attacks over the weekend.
Oil prices surged on monday as traffic in the Strait of Hormuz dwindled and Iran declared the waterway closed, following fresh hostilities between it and the U.S.
West Texas Intermediate crude for August delivery (CLQ26) (CL.1) was up 2.8%, or $2.04, to $72.83 a barrel, and peaked at $75.08, after settling Friday at $71.41 a barrel.
