The key global oil contract tops $115 as Strait of Hormuz impasse continues

brent crude hit $115 a barrel on wednesday, pushing close to the highs from the early days of the iran war. the rally came as no progress was made on clearing oil tankers through the strait of hormuz. the strait handles about a fifth of the world's oil supply. tanker traffic has been stalled for days, with insurers refusing to cover vessels in the area. the key global contract has now gained roughly 30% since the standoff began.