US-Iran war: Crude oil price jumps on Strait of Hormuz blockade as ceasefire talks fail in Islamabad
Crude oil prices jumped on Monday after the US-Iran peace talks failed to reach a deal over the weekend, and the US moved to blockade the Strait of Hormuz, escalating a global energy crisis.
Global benchmark Brent crude oil price surged 8.36% to $103.16 a barrel, while the US West Texas Intermediate (WTI) crude futures rallied 8.22% to $104.57 per barrel.
