By Isabel Wang and Myra P. Saefong
Both Brent and WTI crude settle at highest levels since mid-June
Global oil prices on Monday book their biggest daily percentage jump in six years Monday as President Donald Trump's renewed naval blockade on Iranian ports threatens to escalate Middle East tensions.
Oil prices surged on Monday, with the global benchmark topping $83 a barrel and booking its largest daily jump since 2020 after President Donald Trump reimposed the naval blockade on Iranian ports around the Strait of Hormuz in response to the renewed strikes between the U.S. and Iran over the weekend.
The president also claimed the U.S. would be "reimbursed" a 20% fee on the value of all cargo transported through the waterway in exchange for safe passage. The details of the initiative were not immediately clear.
