NEW YORK (AP) — Oil prices jumped Monday following a weekend of attacks in the Middle East, while more losses for computer chip companies and other winners of the artificial-intelligence boom dragged stock markets lower.The price for a barrel of Brent crude oil, the international standard, climbed 9.6% to $83.30 after the United States and Iran each said the Strait of Hormuz is under its control. Fighting in the region has kept oil tankers from using the strait to deliver crude to customers from the Persian Gulf, which drives up fuel prices worldwide.
The gains for oil prices accelerated immediately after President Donald Trump said he’s reinstating a blockade to prevent tankers carrying Iranian oil from using the strait. He also called for 20% payments on all cargo shipped through it to reimburse the United States for providing protection in the area.
Brent’s price, though, remains well below its wartime peak of nearly $120 per barrel for its most actively traded contract.
AP AUDIO: Oil prices jump following the latest fighting in the Middle East, while AI stocks sink
Oil prices rise, AI stocks sinking, sending markets lower.
