Oil jumps after US seizes Iranian ship near Hormuz

Supply risks around the Strait of Hormuz are pushing crude higher, raising fuel costs and economic pressure worldwide

Oil prices jumped on Monday after the US seized an Iranian-flagged cargo ship near the Strait of Hormuz, dimming prospects for peace in the war on Iran and raising fresh supply concerns.

Both Brent and West Texas Intermediate jumped more than 6%, to above $96 and $88 per barrel, respectively, in the latest swing after weeks of volatile trading. The gains followed renewed disruptions to shipping through the Strait of Hormuz over the weekend after a brief reopening late last week. Tehran has warned the route will remain…

Read the full article at RT.COM