Oil Prices Jump as U.S.-Iran Strikes Squeeze Hormuz Shipping
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Oil prices rose sharply in early Asian trading Monday as renewed U.S.-Iran strikes deepened concern over shipments through the Strait of Hormuz. By 4:40 a.m. Israel time, Brent crude was up 4.1% at $79.14 a barrel and West Texas Intermediate was up 4.3% at $74.46. Ship-tracking data showed only six vessels crossed Sunday, the lowest number in five weeks, while Monday traffic was nearly halted through a channel that normally carries about one-fifth of global crude and liquefied natural gas supplies. Iran declared the waterway closed, but the United States said it remained open and an Oman-coordinated southern route was available.