The price of Brent crude, the global oil benchmark, yesterday rose by 0.96% to trade at $101.42 per barrel after trading as low as $97.60 on Thursday night.

West Texas Intermediate crude, the United States benchmark, also rose to trade at $96.30. The rise in crude oil prices occurred as the Iran war moves toward its third week, with oil tanker traffic through the critical Strait of Hormuz still effectively at a standstill.

Also the temporary U.S. removal of sanctions on Russian tankers at sea failed to calm concerns over prolonged disruptions to the flow of crude through the Strait of Hormuz.

President of Strategic Energy & Economic Research, Michael Lynch, said: “By allowing the Russians to sell some of their oil on the water, the U.S. alleviates the loss of supply” from the closure of one of the world’s most important crude-oil maritime choke-points.”