Oil prices soar past $110 a barrel again after Iran says Strait of Hormuz is closed (opens in new tab)

<p>The cost of <a href="/topic/oil">oil</a> has surged again following <a href="/topic/iran">Iran</a>’s announcement that the <a href="/topic/strait-of-hormuz">Strait of Hormuz</a> is “closed” and that any transit through the waterway will face “harsh measures”.</p>