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crude oil climbed above $83 a barrel after Iran declared the Strait of Hormuz would remain closed until its conditions are satisfied.
The Strait of Hormuz is a narrow waterway connecting the Persian Gulf to the open ocean, and it is the route that oil tankers must use to reach buyers outside the region.
Prices had risen as much as 3% earlier in the session, and the move came on the same day President Donald Trump demanded that Iran pay reparations to the United States.
What reparations means in this context Reparations are payments made by one party to another as compensation for harm or losses alleged to have occurred in the past.
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