Oil jumps 4pc as new strikes by US, Iran threaten Hormuz shipments
AI Summary
Oil prices skyrocketed by over 4 percent on Monday due to escalating tensions between the US and Iran, which have renewed military strikes threatening energy shipments through the Strait of Hormuz. Brent crude futures jumped $3.10 to $79.11, while US West Texas Intermediate crude rose $2.95 to $74.36 a barrel. This spike underscores the critical importance of the Strait of Hormuz for global oil supply, highlighting the potential for geopolitical conflicts to have far-reaching economic impacts.
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