Oil prices rise after the US says it would block Iranian ports starting Monday
NEW YORK (AP) — Oil prices rose in early market trading Sunday after the U.S. said it would blockade Iranian ports beginning Monday. The price of U.S. crude oil rose 8% to $104.24 a barrel and Brent crude oil, the international standard, rose 7% to $102.29. Brent crude has swung dramatically during the Iran war, rising from roughly $70 per barrel before the war in late February to more than $119 at times. On Friday, ahead of the peace talks, Brent for June delivery fell 0.8% to $95.20 per barrel. Iran has been effectively controlling the Strait of Hormuz, a key waterway for global oil