Brent crude futures rise 8% with the US military announcing the imposition of a blockade on Iranian ports

Oil prices rose, Monday, after President Donald Trump announced that the United States would reimpose a naval blockade on Iran on Tuesday evening, in light of the struggle between Tehran and Washington for control of the Strait of Hormuz.

Brent crude futures, the international standard, reached $82.50 per barrel, an increase of 8.45%. West Texas Intermediate crude futures were recorded at $77.45, an increase of 8.58%.