A picture taken on March 12, 2017, shows a view of an oil facility in the Khark Island, on the shore of the Gulf.<\/p>\n
Atta Kenare | Afp | Getty Images<\/p>\n
Brent oil prices jumped more than 3% on Thursday, as tensions run high in the Strait of Hormuz with the U.S. and Iran enforcing blockades<\/a>. <\/p>\n Brent<\/a> oil futures rose about 3% to close at $105.07 per barrel. West Texas Intermediate<\/a> futures advanced around 3% to close at $95.85.<\/p>\n Iran is continuing to demand that ships receive its permission to cross the strait, while President Donald Trump<\/a> on Thursday claimed that the U.S. has “total control” over the sea lane. Trump said ships need to receive permission from the U.S. Navy to transit the strait<\/a>. <\/p>\n The U.S. has been enforcing a blockade of Iran’s ports since April 13. <\/p>\n Oil tanker traffic through the strait remains very low<\/a> as the U.S. and Iran have both seized ships<\/a> during a fragile ceasefire. Iran detained two cargo ships in the strait on Wednesday, while the U.S. has intercepted several Iranian oil tankers. <\/p>\n Meanwhile, Israel’s defense minister said Thursday that Jerusalem was waiting for the green light from the U.S. to resume the war against Iran and “complete the elimination of the Khamenei dynasty.” <\/p>\n Israel killed Iran’s Supreme Leader Ayatollah Ali Khamenei at the start of the war. He was succeeded by his son Mojtaba Khamenei. <\/p>\n Oil prices also jumped Thursday after Israeli broadcaster N12 reported that Iran’s top negotiator Mohammad Bagher Ghalibaf resigned due to interference from the country’s Revolutionary Guard. <\/p>\n CNBC has not confirmed the report, but possible intervention by the Revolutionary Guard raises market concerns that Tehran will take a harder line during negotiations with the U.S.<\/p>\n