Oil jumps to almost $120 as Trump signals extended Hormuz stand-off

brent crude hit almost $120 a barrel on tuesday, extending its rally to an eighth straight day. the move came after trump said he'd keep the us naval blockade in the hormuz strait in place, with no timeline for lifting it. the strait handles about a fifth of global oil traffic, and the blockade has already squeezed supply from the middle east. traders are now watching for any diplomatic opening, but trump's comments suggest the stand-off will run for a while yet.