Oil jumps 6% amid fears of the collapse of the truce between America and Iran

Oil prices rose by about 6% today, Monday, amid uncertainty over peace talks between the United States and Iran after the outbreak of violence around the Strait of Hormuz.

Brent crude futures jumped $5.10, or 5.64%, to $95.48 per barrel upon settlement.

The price of US West Texas Intermediate crude reached $89.61 per barrel, rising $5.76, or 6.87%.

The two crude oil prices fell 9% percent upon settlement last Friday, recording their largest daily decline since April 18, after it was announced that the Strait of Hormuz would be opened to all commercial ships during the remainder of the ceasefire period.

Shipping data showed that shipping traffic through the Strait of Hormuz remained almost at a standstill on Monday, as only three crossings were recorded during the past 12 hours.