Oil prices rise anew after a US-Iran standoff in the Strait of Hormuz strands tankers

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NEW YORK (AP) — Oil prices rose in early trading Sunday as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz, the Persian Gulf waterway that is crucial to global energy supplies. The price of U.S. crude oil increased 6.4% to $87.88 per barrel after trading resumed on the Chicago Mercantile Exchange. The price of Brent crude, the international standard, climbed 6.5% to $96.25 per barrel. The market reaction followed more than two days of growing hopes and dash