Oil prices swing as Strait of Hormuz shipping remains disrupted

Standard Chartered says $95 per barrel is the new oil-price equilibrium as shipping through the Strait of Hormuz remains disrupted by recent attacks and seizures. A classified Pentagon briefing told lawmakers that clearing mines and other hazards in the strait could take up to six months, a timeline that could keep gasoline and oil prices elevated through the U.S. midterm elections. Brent and West Texas Intermediate futures swung this week amid stalled U.S.-Iran talks and the ongoing tanker disruptions. United Airlines CEO Scott Kirby said ticket prices may need to rise 15 to 20 percent to offset a surge in jet fuel costs.