Oil jumps 3% as US, Iran expand strikes in the Middle East

SINGAPORE: Oil prices jumped ​about 3 percent on Monday, with Brent oil prices surpassing $90 per barrel, as escalating US-Iran hostilities in ‌the Middle East restricted oil shipments through the Strait of Hormuz. Brent crude futures climbed $2.77, or 3.14 percent, to $90.87 by 09:12 a.m. Saudi time, touching the highest since June 11, extending gains after rising 15.9 percent last week, its biggest weekly gain since April. US West Texas Intermediate ​crude was at $84.84 a barrel, up $2.35, or 2.85 percent, the loftiest since June 12.

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