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International Business Times
International Business Times
Business

Traffic Through The Strait Of Hormuz Has Practically Ground To a Halt. Oil Is Edging Up.

the Strait of Hormuz Donald Trump Oil Strait of Hormuz Kpler Esmail Baqaei Scott Bessent United States Tehran
Only five ships made it through the Strait of Hormuz during the weekend, according to recent data. (Credit: AFP via Getty Images)

Oil prices are edging up on Monday after the latest data from intelligence firm Kpler cited by Reuters showed that only five ships made it through the Strait of Hormuz during the weekend.

Brent oil, the international benchmark, gained 0.23% and clocked in at $88.73 per barrel at 8:25 a.m. ET, while West Texas Intermediate, the U.S. benchmark, climbed 0.21% and stood at $81.64 per barrel at the same time.

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