Crude oil prices jumped as rising US-Iran tensions in the Middle East restricted shipping in and out of the Gulf, with Iran re-imposing its de facto closure of the Strait of Hormuz.
Brent crude oil price rallied 6.10% to $95.89 a barrel, while the US West Texas Intermediate (WTI) crude futures surged 7.49% to $90.13 a barrel.
The US-Iran war ceasefire is due to run until Tuesday, but is in doubt after the US seized an Iranian cargo ship and Tehran’s top military command vowed to retaliate.
