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Oil Rises Above $100 Amid Strait Dispute
Oil prices rose above $100 per barrel on Thursday. Iran is asking ships to pay for safe passage through the Strait of Hormuz.
The ceasefire did not reopen the strait. Only 2 tankers have passed through since the ceasefire.
Hundreds of tankers are waiting to cross. Ship crews are stranded waiting to cross the strait. Trump said Iran should stop demanding payment from ships.
Klear Note — The Strait of Hormuz is a narrow waterway between Iran and Oman. About one-third of world's oil passes through it. When passage is blocked, oil prices rise globally.