Oil rises 4.4% to $102.31 despite Strait of Hormuz shipping rebound

  • Oil tankers returned through the Strait of Hormuz as U.S. forces weakened Iran’s control.
  • The global crude-futures benchmark rose 4.4% Thursday to $102.31 a barrel.
  • AAA-tracked U.S. gasoline prices exceeded $4.41, while the 10-year Treasury yield reached a 24-year high.

The return of oil tankers through the Strait of Hormuz has not delivered the expected relief in crude, gasoline or diesel prices, nor has it lowered global borrowing costs. Although U.S. forces have weakened Iran’s grip on the waterway and oil shipments have recovered toward prewar levels, the global crude-futures benchmark rose 4.4% Thursday to $102.31 a barrel. Average U.S. gasoline prices tracked by AAA remained above $4.41 a gallon, while the 10-year Treasury yield, a broad indicator for borrowing rates across many loans, reached its highest level in 24 years this week.

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