Oil prices surge 4% as US-Iran tensions escalate

Oil prices surged over 4% on Monday as energy shipments via ​the Strait of Hormuz remained under threat, with the US and ‌Iran announcing renewed military strikes, Reuters writes.

Brent crude futures climbed $3.10, or 4.08%, to $79.11 by 0325 GMT, while US West Texas Intermediate crude rose $2.95, or 4.11%, to $74.36 a barrel.

The US Central Command said it completed another wave of strikes against Iran on Sunday. Iran, in turn, launched ballistic missiles and drones toward several US military bases.