Oil prices rise on US-Iran Hormuz standoff

Oil prices have climbed more than 5% while Asian shares also advanced as a standoff between Iran and the U.S. prevents tankers from using the Strait of Hormuz. The strategic Persian Gulf waterway remains effectively closed to commercial shipping, creating significant disruptions to global energy supplies. This marks a continuation of the economic impact from the ongoing confrontation, with Brent crude having previously surged to $96 per barrel. The situation shows no immediate signs of resolution as both sides maintain their positions.