The price of Brent crude oil was up by as much as 3% on Wednesday morning to around 76 US dollars a barrel.

Brent crude rises above $76 a barrel for the first time in two weeks amid renewed violence in Strait of Hormuz.

Brent crude rises above $76 a barrel for the first time in two weeks amid renewed violence in Strait of Hormuz.

“The current conflagration is a reminder to the market of how fragile passage through the Strait still is,” analyst says.

The price of Brent crude oil was up by as much as 3% on Wednesday morning to around 76 US dollars a barrel.