Oil climbs as Iran seizes Hormuz gatekeeper role while Trump eyes risky naval option to reopen strait that may require boots on the ground

Iran is signaling that the Strait of Hormuz isn’t totally closed and that it wields the power to choose who may pass, as the U.S. military has yet to re-establish free navigation through the narrow waterway.

Oil prices have soared as Iran’s attacks on shipping in the Persian Gulf have created a de facto blockade over the strait, through which one-fifth of the world’s oil and liquid natural gas flow, with Wall Street warning crude could even hit $150 a barrel in a prolonged conflict.

On Sunday evening...