Oil prices increase after Iran doubles down on Strait of Hormuz closure, accuses US of undermining trust

Oil prices rose Sunday after an Iranian official warned that the Strait of Hormuz will “under no circumstances” return to its previous state.

Brent crude, the international benchmark, was up about 2.14% to $107.58. US crude was up 2.08% to $96.36.

Iran’s president Masoud Pezeshkian told Pakistani Prime Minister Shehbaz Sharif that ongoing US actions continue reading …