Oil jumps 3pc as new strikes by US, Iran threaten Hormuz shipments

Oil prices shot up by over three percent Monday due to escalating tensions between the United States and Iran, which have reignited fears over disruptions to energy shipments through the Strait of Hormuz, a critical global oil transit route. Brent crude and US West Texas Intermediate both saw significant increases, reflecting market anxiety over potential supply chain interruptions. This situation underscores the fragile balance of global energy markets and the profound impact geopolitical conflicts can have on everyday economic activities.