Oil prices rise again, U.S. stock futures drop amid uncertainty over U.S.-Iran standoff in Strait of Hormuz

Oil prices climbed more than 5% while world shares were mixed Monday as a standoff between Iran and the U.S. prevented tankers from using the Strait of Hormuz. The Persian Gulf waterway was closed again after Iran reversed a decision to reopen the strait and President Trump said a U.S. Navy blockade of Iranian ports would remain in effect.

U.S. benchmark crude gained 5.3% to $87.88 a barrel, while Brent crude, the international standard, was up 5.3% at $95.62 a barrel on Monday.

In share trading, U.S. futures declined, with the contracts for the S&P 500 and the Dow Jones Industrial Average down 0.7%.

In early European trading, benchmarks declined. Germany's DAX lost 1.6% and the CAC 40 in Paris shed 1.2% to 8,325.67. Britain's FTSE 100 fell 0.6% to 10,601.64.

Despite renewed doubts about how soon ships will again transport the vast amounts oil the world gets from the Middle East, share prices were mostly higher in Asia, though they gave up the bigger gains of earlier in the session.