Asian oil prices rose in early trading as the Hormuz Strait remains closed.

As the closure of the Hormuz Strait continues, oil prices are rising in early trading. US President Trump stated that the strait is still "tightly blocked" and ordered the US Navy to "shoot" any ships laying mines in the waterway. Barbara Lambrecht of the research department at Deutsche Bank stated in a research report that the closure of the Hormuz Strait remains a decisive factor. The commodity analyst added that as long as the blockade of this vital strait for oil trade shows no end in sight, oil prices may stay above $100 per barrel. Brent crude futures for the nearest month rose 1.1% to $106.26 per barrel, while WTI crude oil futures for the nearest month rose 1.0% to $96.80 per barrel.