Oil rises more than $1 as escalation in US-Iran strikes unnerve traders

SINGAPORE: Oil prices jumped on Thursday as Tehran declared the critical energy chokepoint, the Strait of Hormuz, closed ‌after the US launched additional strikes against Iran and as President Donald Trump vowed even more attacks if no peace deal is secured. Brent futures rose $1.48, or 1.59 percent, to $94.58 a barrel as of 05:43 a.m. Saudi time, while US West Texas Intermediate crude climbed $1.71, or 1.90 percent, to $91.74. US crude ​futures gained more than $3 earlier in the session.

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