Oil rises 5% amid fears of a prolonged blockade in Hormuz

Oil prices are sharply rising on Wednesday, with the market now betting on a prolonged blockage of the Strait of Hormuz, a sentiment reinforced by information from the Wall Street Journal.

Oil prices are rising sharply on Wednesday, with the market now betting on a prolonged blockade of the Strait of Hormuz, a sentiment reinforced by information from the Wall Street Journal.

At 1:35 PM GMT (3:35 PM in Paris), the price of a North Sea Brent crude barrel for June delivery rose 5.16% to $117, its highest level since the fragile ceasefire between the United States and Iran was put in place. Its American equivalent, a West Texas Intermediate barrel for delivery the same month, gained 4.85% to $104.78.