Oil rises after Iran shuts Hormuz again, Trump threatens new attacks

Brent crude rose 0.67% to $81.11 a barrel while WTI gained 2.64% to $78.62 after Iran again shut the Strait of Hormuz citing Israeli and US ceasefire violations, with ship traffic through the chokepoint falling sharply. US President Trump threatened to resume attacks on Iran even as Vice President JD Vance held the first talks under an interim peace deal. Despite this, oil had fallen over 8% last week on expectations of supply from stranded Gulf cargoes and a potential easing of US sanctions on Iranian crude, with Iraq planning to restore production to 4.2-4.3 million barrels per day.