Hormuz Uncertainty Drives Oil Prices to New Highs

Oil prices rose again on Tuesday, driven by uncertainty over when the Strait of Hormuz would reopen. The global flow of crude oil was in question, and Brent crude gained about 1.5 percent to around $89.01 a barrel.

The Strait of Hormuz is a chokepoint through which a large share of the world's seaborne crude passes. Only six ships were recorded transiting Hormuz on Monday, against a 10-day average of 11 and a pre-conflict volume of 130 to 140 ships a day.

Hopes for a US-Iran agreement that would allow tankers to move freely again have dimmed amid repeated delays. Brent swung wildly between $72 and $102 over the past month as those hopes rose and fell.