Oil prices jump as Hormuz fears flare again — Brent nears $70, WTI rallies
Brent crude rose 3.5% to $69.80 and WTI gained 3.8% to $64.72 by midday in New York after Iranian drills temporarily closed parts of the Strait of Hormuz and Russia-Ukraine talks stalled. Traders cited geopolitical risks as the main driver. Markets await U.S. inventory data and Federal Reserve minutes for further direction.