Oil prices rose in early trading Sunday as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz, the Persian Gulf waterway that’s crucial to global energy supplies.
The worth of U.S. crude oil increased 6.4 per cent to US$87.88 per barrel after trading resumed on the Chicago Mercantile Exchange. The worth of Brent crude, the international standard, climbed 6.5 per cent to $96.25 per barrel.
Get breaking National news
Get breaking Canada news delivered to your inbox because it happens so you will not miss a trending story.
The market response followed greater than two days of growing hopes and dashed expectations involving the strait. Iran, which effectively controls the passage, said Friday that it might fully reopen the passage off its coast to business traffic. Crude prices plunged greater than nine per cent on the news.
Tehran reversed its decision on Saturday, after President Donald Trump said a U.S. Navy blockade of Iranian ports would remain in effect. Over the weekend, Iran’s Revolutionary Guard fired on several vessels. Trump reported the forcible seizure of an Iranian-flagged cargo ship that attempted to get across the blockade.
The US-Israeli war against Iran, now in its eighth week, has created one in all the worst global energy crises in a long time. Countries in Asia and Europe that import much of their oil from the Middle East have felt essentially the most impact of halted supplies and production cuts, although rapidly rising gasoline, diesel and jet fuel prices are affecting businesses and consumers worldwide.
© 2026 The Canadian Press