Oil prices jump and stocks are mixed as the US-Iran standoff keeps the Strait of Hormuz in limbo

[AP Photo]

Oil prices climbed more than 5% while world shares were mixed yesterday as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz.

The Persian Gulf waterway was closed again after Iran reversed a decision to reopen the strait and President Donald Trump said a U.S. Navy blockade of Iranian ports remains in effect.

U.S. benchmark crude gained 5.3% to $87.88 a barrel, while Brent crude, the international standard, was up 5.3% at $95.62 a barrel.

In share trading, U.S. futures declined, with the contracts for the S&P 500 and the Dow Jones Industrial Average down 0.7%.

Despite renewed doubts about how soon ships will again transport the vast amounts oil the world gets from the Middle East, share prices were mostly higher in Asia, though they gave up the bigger gains of earlier in the session.

In other dealings early yesterday, the U.S. dollar rose to 159.02 Japanese yen from 158.79 yen. The euro climbed to $1.1759 from $1.1742.