The rally in crude had taken prices past the crucial $100-per-barrel level for the first time since Russia’s invasion of Ukraine in 2022, amid fears that the Strait of Hormuz could remain shut for an extended period. The rally in crude had taken prices past the crucial $100-per-barrel level for the first time since Russia’s invasion of Ukraine in 2022, amid fears that the Strait of Hormuz could remain shut for an extended period.
