Oil rises above $106 per barrel as US, Iran deadlocked in Strait of Hormuz

Oil prices have jumped due to heightened tensions between the United States and Iran in the Strait of Hormuz. Brent crude, the international benchmark, has topped $106 per barrel, up nearly 5 percent from its closing price on Wednesday. Shipping in the strait remains at a standstill as Iran demands the right to decide which vessels may pass and the US blocks Iran's maritime trade.