Oil jumps more than 4% with renewed military strikes

Oil prices rose by more than 4 percent, Monday, after renewed military strikes between the United States and Iran. Brent crude futures rose by $3.10, or 4.08 percent, to $79.11 per barrel by 03:25 GMT, while US West Texas Intermediate crude rose by $2.95, or 4.11 percent, to $74.36 per barrel. Central Command announced The US forces carried out a new wave of strikes against Iran, targeting dozens of sites using precision munitions. US President Donald Trump said on Sunday that the Strait of Hormuz remains open to commercial shipping traffic, despite Iran’s earlier announcement of closing the strait after a ship crossed an unapproved route, before being targeted.