Oil tops $81 as markets weigh possibility of Strait of Hormuz closure
Oil prices surged sharply in early Monday trading amid escalating tensions in the Middle East, following US airstrikes on Iran and Tehran's threat to shut down the Strait of Hormuz.
Brent crude futures for August delivery rose 3.20%, or $2.53, to $79.53 per barrel at 01:22 AM Makkah time, after approaching $81.40 earlier during the session.
Meanwhile, US WTI crude futures for August delivery climbed 3.35%, or $2.47, to $76.31, after hitting $78.40 earlier in the day.
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