image sourced from original article at Oil prices jumped more than 5 percent after Iran again closed the Strait of Hormuz, reversing an earlier decision to reopen the vital shipping lane. The move came as the United States maintained a naval blockade of Iranian ports, heightening concerns about disruptions to global crude supplies.
Benchmark United States crude rose to 87.20 dollars per barrel, while Brent crude climbed to 95.16 dollars. The gains followed sharp declines late last week, when hopes for a reopening of the strait and progress toward a ceasefire had briefly eased fears over energy flows.
Despite the renewed tensions, Asian stock markets advanced, with major indexes in Japan, South Korea, Hong Kong, mainland China and Taiwan posting gains. Investors have swung between optimism and caution as a fragile two week ceasefire nears expiration and uncertainty persists over the economic impact of the conflict.
United States stocks recently reached record highs, supported by strong corporate earnings and expectations that a worst case scenario for the global economy can be avoided. Currency markets showed modest moves, with the dollar edging higher against the Japanese yen and the euro strengthening slightly against the dollar.
