Oil pares gains as doubts linger over U.S.-backed plan to protect Strait of Hormuz shipping

Oil prices jumped as much as 4% intraday before paring gains amid lingering uncertainty over a U.S.-led coalition to protect shipping through the Strait of Hormuz. The move reflects heightened geopolitical risk that can support oil prices and may have longer-term implications for natural gas markets, per CNBC.

Analysis

Oil prices jumped as much as 4% intraday before paring gains amid lingering uncertainty over a U.S.-led coalition to protect shipping through the Strait of Hormuz. The move reflects heightened geopolitical risk that can support oil prices and may have longer-term implications for natural gas markets, per CNBC.