Oil prices jump after Iran seizes British tanker

LONDON: Oil prices rose sharply on Monday on concerns that Iran’s seizure of a British tanker last week may lead to supply disruptions in the energy-rich Gulf.

Brent crude futures climbed $1.31, or 2.1 per cent, to $63.78 a barrel by 1040 GMT.

West Texas Intermediate (WTI) crude futures were up 87 cents, or 1.56 per cent, at $56.50 a barrel.

Last week, WTI fell over 7 per cent and Brent lost more than 6 per cent.

“The events in the Gulf have definitely taken the market into more bullish territory in today’s trading,” said Erik Norland, senior economist at CME Group.