Oil prices rise amid expectations of US blockade of Strait of Hormuz

Oil prices have surged more than 7%, surpassing $100 per barrel, amid expectations that the US Navy may move to blockade the Strait of Hormuz, according to Dawn, Report informs.

The outlet noted that this step could restrict Iran's oil exports as Washington and Tehran have failed to reach an agreement to halt the conflict.

The price of Brent crude rose by $6.96 (7.3%) to $102.16 per barrel. On April 10, a decline of 0.75% had been recorded.

Meanwhile, the price of US WTI crude increased by $8.12 (8.4%) to $104.69 per barrel, following a 1.33% drop in the previous session.