Brent rises above $85 a barrel as Trump re-blocks Iranian ships passing through Strait of Hormuz
After rising nearly 10% on Monday, oil prices continued their gains. It comes after U.S. President Donald Trump re-blocked Iranian ships passing through the Strait of Hormuz and imposed tolls on all other goods shipped through the vital waterway. Brent crude oil prices climbed above $85 a barrel, and WTI crude oil prices rose above $80 a barrel. Trump is demanding 20% compensation for cargo shipped through the Strait of Hormuz; that’s about $30 million based on a very large tanker loaded with crude oil. The US military launched an attack on Iran on the third night, which may last for several days.