Oil prices jump as Strait of Hormuz tensions escalate

Oil prices jump as Strait of Hormuz tensions escalate7 minutes agoShareSaveAdd as preferred on GooglePeter HoskinsBusiness reporterAFP via Getty ImagesGlobal oil prices jumped in Monday morning trade in Asia as tensions rose between the US and Iran over the Strait of Hormuz waterway.Brent crude futures were up by 6.4% at $96.13 (£71.27), while West Texas Intermediate was 7.5% higher at $90.15.On Friday, oil prices plummeted after Tehran said the strait would be "completely open" to commercial ships for the remaining period of the ceasefire between the US and Iran.Energy markets have seen wild swings since the US and Israel attacked Iran on 28 February and Tehran responded with threats to target shipping in the waterway, through which about 20% of the world's oil and liquefied natural gas (LNG) passes through. On Sunday, President Donald Trump said the US had intercepted and seized an Iranian-flagged cargo ship attempting to get past its blockade of Iran's ports.Earlier, Trump said his representatives would be in Pakistan on Monday for negotiations. A White House official said Vice-President JD Vance will lead the US delegationBut Iran's state media said Tehran had "no plans for now to participate" in the talks, although Iranian officials have clarified the country's position yet.International BusinessOilIran war