Oil prices reach $105 as Iran and US tighten grip on Strait of Hormuz

Oil prices held above $105 a barrel on Friday as the Strait of Hormuz remained closed, with both the US and Iran seizing ships. Brent crude climbed 0.63 per cent to $105.73 a barrel, and US West Texas Intermediate advanced 0.32 per cent to $96.17, as the naval standoff keeping the waterway shut…