Oil prices jump as Iran tightens grip on key oil route

Oil futures rose slightly on Sunday as tensions between the United States and Iran entered a fourth day, with Tehran insisting on control of the strategic Strait of Hormuz. Brent crude, the international benchmark, increased by 0.9 percent to $72.20 a barrel. U.S. crude climbed 1.3 percent, reaching $70.09 a barrel. The gains came after oil prices hit their lowest levels on Friday. The Strait of Hormuz is a narrow waterway in the Persian Gulf. About one-fifth of the world’s oil passes through it, making it a critical chokepoint for global energy supplies. Iran’s continued demand for control of the strait has raised concerns about possible disruptions to shipments.