Oil prices jumped sharply in early trading on Monday as the war involving Iran escalated and traders priced in higher risks to regional supply and shipping.
The surge comes as traders focus on the risk of disruption around the Strait of Hormuz and other key routes, where even the threat of delays can tighten supply expectations. Brent's jump is its biggest in four years, since the start of the Ukraine war.
West Texas Intermediate for April settlement was last at $74.38, up $7.36 or 10.98%. Brent for May rose to $81.04, up $8.56 or 11.81%, after briefly hitting $81.89.
https://breakingthenews.net/Article/Oil-skyrockets-12-as-Iran-war-intensifies/65770464
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