Oil Up 13% in a Week as Hormuz Blockade Threatens 16 Million Barrels a Day

Crude oil prices rose 13% in one week and are approaching $100 a barrel, MarketWatch reported July 17. The surge follows a US naval blockade of the Strait of Hormuz, through which roughly 16 million barrels of Persian Gulf oil flow daily. For households, the risk is higher gasoline and diesel prices as long as the blockade holds.