Oil prices rose as US allies reject Trump's call for assistance in reopening the Strait of Hormuz.

As US allies rejected President Trump's call to help clear the Strait of Hormuz, oil prices rose by more than 3%. The strait is currently essentially closed. Brent crude rose by 3% to $103.21 per barrel, while West Texas Intermediate rose by 3.6% to $91.70 per barrel. These two major benchmark oils had settled lower in the previous trading day due to reports that some ships were able to pass through the strait. Ipek Ozkardeskaya of Swiss bank UBS said, "The ongoing tension is keeping oil bulls highly alert." She added, "Geopolitical outlook remains fragile, making it more likely for oil prices to rise further rather than continue to fall." Continued attacks on key energy infrastructure in the region are also supporting oil prices, with the most recent attack occurring in the United Arab Emirates' Fujairah oil industry zone.