Brent crude climbs 5% after US and Iran exchange strikes amid escalating standoff over key trade route
Oil prices rose 5% on Monday as Donald Trump reinstated the US blockade of Iranian shipping in the Gulf and will charge other countries to pass through the strait of Hormuz.
As the US and Iran exchanged strikes amid an escalating standoff over the vital trade route, the price of Brent crude climbed to $79.37 a barrel.