Summary Some ships have used alternative routes, including along the Omani coastline, which is not approved by Tehran.
(Web Desk) - Oil prices rose about 3% Sunday after the United States and Iran exchanged tit-for-tat strikes for more than a week.
Brent crude, the international benchmark, rose 3% to about $90.78 a barrel, and US crude climbed almost 3% to $84.85 a barrel.
Traffic in the Strait of Hormuz, where 20% of the global oil supply flows, has been on the decline after tensions escalated last week.
On Wednesday, the US reimposed its naval blockade of Iranian ports.
Some ships have used alternative routes, including along the Omani coastline, which is not approved by Tehran.
Gas prices have also been on the rise, but the US national average remains a tick below $4 a gallon, according to AAA. At $3.992 a gallon, American drivers are paying about 34% more than they were before the war began.
Dow Jones futures, S&P futures and Nasdaq futures were all down about 0.2%.
