Oil Prices Rise $1/Barrel As Disruptions Continue in Strait of Hormuz

Oil prices rose on Thursday by more than $1 a barrel, as continued disruptions to shipping through the Strait of Hormuz and broader geopolitical tensions offset pressure from rising crude output that had sent prices lower in early trade.

Brent futures were up $1.2 or 1.3% a barrel at $93.96 at 12:08 p.m. ET or 1508 GMT. US West Texas Intermediate crude was up 53 cents or 0.6% at $87.06.

Prices fell early, and had been trading steady to lower before President Donald Trump wrote on social media that the US did not need a deal with Iran.

"Those days have long since passed. We’ve got their money, Hundreds of Billions of Dollars, and we’ve got their Strait!" he wrote.

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