Oil prices are rising in early trading as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz. The price of U.S. crude oil increased 6.4% to $87.88 per barrel after trading resumed on Sunday night. The price of Brent crude, the international standard, climbed 6.5% to $96.25. The market reaction followed more than two days of rising hopes and dashed expectations involving the strait. Iran said Friday that it would fully reopen the passage commercial traffic. Crude prices plunged more than 9% on the news. Tehran reversed its decision after President Donald Trump said a U.S. blockade of Iranian ports would continue.