Oil prices rose more than 4% on Monday after US President Donald Trump said the United States was reinstating a naval blockade on Iran, reigniting concerns over energy shipments through the Strait of Hormuz.
Brent crude futures LCOc1 were up $3.21, or 4.22%, to $79.22 at 11:04 a.m. EDT (1534 GMT), while US West Texas Intermediate crude CLc1 was up $3.04, or 4.26%, to $74.45 a barrel.
Both contracts jumped 5% after Trump said the US was reinstating the blockade following renewed military exchanges between the US and Iran. –Agencies
