Oil prices and stocks climb as the standoff over the Strait of Hormuz persists
AP News
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Oil prices have climbed more than 5% while Asian shares also advanced as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz.
The Persian Gulf waterway was closed again after Iran reversed a decision to reopen the strait and President Donald Trump said a U.S. Navy blockade of Iranian ports would remain in effect.
On Friday, oil prices had dropped back to where they were in the early days of the war, and the S&P 500 leaped 1.2%.
The Dow Jones Industrial Average leaped 1.8%, while the Nasdaq composite climbed 1.5%.
A freer flow of oil could take pressure off prices for gasoline and many other products.
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