Oil prices jumped about 6 per cent on Monday as Iran stepped up attacks on the United Arab Emirates and ships in the Middle East Gulf over the last 24 hours.
This is the most serious escalation since the US-ran ceasefire came into force in early April.
Brent futures rose 5.8 per cent to settle at US$114.44 per barrel, while US West Texas Intermediate rose a 4.4 per cent to settle at US$106.42.
Iran hit several ships in the Strait of Hormuz on Monday and set a UAE oil port ablaze, as President Donald Trump's attempt to use the US Navy to free up shipping provoked the war's biggest escalation since the ceasefire was declared four weeks ago.
comments powered by Disqus
All feeds
