Ammon News - Oil prices rose more than 2% on ​Tuesday, reversing some of the previous session's losses, on worries about supply with the Strait of ‌Hormuz mostly shut and U.S. allies rebuffing calls to send warships to help tankers move through the vital waterway.

Brent futures jumped $2.74, or 2.7%, to $102.95 a barrel by 0357 GMT, while U.S. West Texas Intermediate crude gained $2.45, or 2.6%, to $95.95.

In the previous session, Brent futures ​settled 2.8% lower while U.S. West Texas Intermediate (WTI) crude slid 5.3% after some vessels sailed through the ​critical waterway.

The Strait of Hormuz - a chokepoint for about 20% of the world's oil and ⁠liquefied natural gas trade - has been largely disrupted by the U.S.-Israeli war on Iran, now in its third ​week, raising concerns about supply shortages, higher energy costs and rising inflation.

Reuters