Commodities
US Claims Control Over Hormuz, But Oil Prices Keep Climbing
US claims to have made progress in reopening the Strait of Hormuz and escorting more oil through the waterway, but oil prices have jumped in recent days.
Brent crude rose $3.21 to $107.82 a barrel on Monday after an Iranian ship was attacked on Sunday in the strait and Saudi Arabia's East-West oil pipeline was damaged in a drone attack.
US Energy Secretary Chris Wright said 10 million barrels of oil per day were passing through Hormuz, on average over the past week, but this is still below normal levels.
Iran has disputed US claims, saying it controls access to the strait and has warned ships against using routes it has not authorised.