Oil prices rise after Iran restricts access to Strait of Hormuz and ceasefire nears expiration

AI Summary

Oil prices went up recently. This happened because Iran blocked ships from going through a very important sea route called the Strait of Hormuz. This route is used for a lot of the world's oil. Because of this, the price for Brent crude oil, which is a main type of oil, increased by about 7%. It cost $96.88 per barrel. This happened after the price had been the lowest it had been since March the week before.