Amid the ongoing global turmoil, oil prices rose on Monday, April 20. The hike in oil prices comes after a standoff between Iran and the US prevented tankers from using the Strait of Hormuz, the Persian Gulf waterway that is crucial to global energy supplies.
As per news agency AP, prices of US crude oil increased 6.4 per cent to USD 87.88 per barrel after trading resumed on the Chicago Mercantile Exchange. The price of Brent crude, the international standard, climbed 6.5 per cent to USD 96.25 per barrel.
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