SINGAPORE: Oil prices jumped on Monday as Iran expanded strikes on Gulf states following attacks by the United States, threatening energy shipments via the Strait of Hormuz.
Brent crude futures climbed $2.34, or 3.08 percent, to $78.35 by 2311 GMT, while US West Texas Intermediate crude rose $2.21, or 3.09 percent, to $73.62 a barrel.
Over the weekend, Tehran extended strikes on Qatar and the United Arab Emirates while the US launched further strikes on Iran, the latest in a cycle of attacks and counter-attacks over shipping through the strait.
US President Donald Trump said on Sunday that the Strait of Hormuz is open to commercial traffic, although Iran declared earlier that it closed the strait after a vessel traveled on an unapproved route and was struck.
Six vessels transited the strait on Sunday, shiptracking data from Kpler showed, the lowest number in five weeks.
