US Oil Price Jumps as Iran Controls Strait of Hormuz

US oil price jumped more than 3% as Iran controls access to the Strait of Hormuz, despite a two-week ceasefire agreement with the US. The price rose to $97.97 per barrel by 12:16 p.m. ET. The move highlights the ongoing tensions in the region and the impact of geopolitical events on oil prices. The ceasefire agreement has not led to a significant decrease in oil prices, as the market remains cautious about the situation. The situation is expected to remain volatile, with the US and Iran disputing the terms of the agreement. The next few days will be crucial in determining the direction of oil prices, with analysts watching for any developments in the region.