Oil jumps as Iran closes Strait of Hormuz again

BREAKING: U.S. oil prices are now up nearly 5% on the day.
The move comes after Iran again declared the Strait of Hormuz closed.
That instantly puts geopolitical risk back into crude markets.
The Strait is one of the most important chokepoints for global oil flows, so any threat to shipping can quickly move prices, insurance costs, and inflation expectations.
For $WTI and $BRENT, the market is once again pricing disruption risk.