Transportation
Oil prices jump 8% above $100 in anticipation of US blockade of Strait of Hormuz
Oil prices jumped over $100 a barrel Monday as the U.S. Navy?prepared a?blockade of the Strait?of Hormuz which could restrict Iranian oil?shipments?after?the U.S. Brent crude futures were up $7.60 or 7.98% to $102.80 per barrel at 2310 GMT, after closing 0.75% lower Friday. U.S. West Texas Intermediate reached $104.88 per barrel, an increase of $8.31 or 8.61% after a loss of 1.33% in the previous session. The market has returned to its pre-ceasefire conditions, with the exception that the U.S. is blocking the remaining Iranian-linked flows of up to 2,000,000 barrels of oil per day through the Strait of?Hormuz, said...