• How US leader secretly switched planes over Tehran threat
Emmanuel Addeh in Abuja
Iran has warned that the Strait of Hormuz will remain closed to shipping until the United States changes its position and accepts Tehran’s conditions for ending the war, raising fresh concerns over the global supply of crude oil and liquefied natural gas.
The new development comes as the price of oil was choppy yesterday, reaching $90 a barrel for the first time in two weeks before falling back, as the stalemate over the Iran war hardened and commercial shipping in the Strait of Hormuz dwindled.
Brent crude, the global benchmark, jumped 1.6 per cent, touching $90 a barrel before receding to settle just below $89. West Texas Intermediate (WTI), the U.S. benchmark, was up 1.8 per cent to a little over $83 a barrel.
