Oil Prices Surge 4% as U.S.-Iran Escalation Rekindles Supply Fears

Oil prices jumped by 4% in Asian trade on Monday, following a weekend of intense U. S. strikes on Iran, claims from Iran that the Strait of Hormuz is closed to traffic once again, and Iranian strikes on five U. S. allies in the region.

Brent Crude futures surged by 4% to top $79 per barrel in Asian trading, to the highest level in more than three weeks, as the market fears this weekend’s hostilities may not subside as easily as in previous short-term instances of flare-ups. WTI Crude, the U. S. benchmark, jumped by 4. 13% to $74.