Oil Prices Jump Despite Trump’s Call for Peace Talks

Oil prices opened sharply higher Sunday evening in New York to climb back near $90 a barrel following two days of confusion over whether the Strait of Hormuz is actually open to shipping traffic and President Trump’s call for a new round of peace talks this week with Iran. U.S. oil futures for May delivery dropped more than 11% Friday to settle at $83.85 a barrel after Iran’s foreign minister declared free passage through the waterway that is vital to global energy markets. This weekend, however, Iran’s military denied that passage was safe.