STRAIT OF HORMUZ – Oil prices jumped more than 4% on Monday as concerns grew over possible disruptions to energy shipments through the Strait of Hormuz following renewed military strikes between the US and Iran.
Brent crude rose above $79 a barrel, while US West Texas Intermediate climbed above $74. The US said it carried out fresh strikes on Iranian targets, while Iran claimed attacks on US military bases in Kuwait and Bahrain. Despite the tensions, US President Donald Trump said the Strait of Hormuz remains open to commercial shipping.
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