Oil prices surged over 4 per cent on Monday as energy shipments via the Strait of Hormuz remained under threat, with the US and Iran announcing renewed military strikes.
Brent crude futures climbed $3.10, or 4.08pc, to $79.11 by 0325 GMT, while US West Texas Intermediate crude rose $2.95, or 4.11pc, to $74.36 a barrel.
US forces completed another wave of strikes against Iran on Monday, with the Centcom saying it hit dozens of targets at multiple locations with precision munitions.
Iran’s Revolutionary Guards said on Monday they attacked US military bases in Kuwait and Bahrain.
US President Donald Trump said on Sunday that the Strait of Hormuz was open to commercial traffic, although Iran declared earlier that it had closed the strait after a vessel had travelled on an unapproved route and was struck.
