Oil rises after steep fall on renewed Hormuz disruptions

Oil prices rose on Sunday after a steep fall late last week, as renewed shipping restrictions in the Strait of Hormuz and fears that the U.S.-Iran ceasefire could unravel pushed the market higher. Brent crude climbed about 7% to $96.49 a barrel, while U.S. West Texas Intermediate rose around 7% to $90.38, Reuters reported.

The rebound followed a drop of more than 9% on Friday after signs of possible de-escalation. Reuters said prices turned higher again after the Strait of Hormuz was closed once more amid rising tensions between Washington and Tehran.

The Strait of Hormuz normally handles roughly one-fifth of global oil trade, so any disruption there has an immediate impact on crude markets.