Oil prices jump 3% amid fears of interruption of shipments through the Strait of Hormuz
Oil prices rose sharply on Monday, after renewed military strikes between the United States and Iran renewed concerns about energy shipments via Strait of Hormuz.
Brent crude futures rose $2.67, or 3.51%, to reach 78.68." target="_blank">$a barrel at 07:43 GMT, while US West Texas Intermediate crude rose $2.48, or 3.47%, to reach $73.89 a barrel.
New US and Iranian strikes over the weekend fueled fears of a new escalation, as Tehran targeted US facilities across the Gulf on Sunday, and announced the closure of the Strait of Hormuz again, while the Revolutionary Guard announced On Monday, Iran said it attacked American military bases in Kuwait and Bahrain.
Ship tracking data showed that maritime traffic through the Strait of Hormuz dropped to its lowest level in 5 weeks on Sunday, as only 6 ships crossed the strait on Sunday.
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