Oil prices jump 9% to $82.90 on worsening US-Iran conflict

Oil prices shot up around nine percent Monday as President Donald Trump announced the reimposition of a US naval blockade on Iranian ports while the two sides traded attacks.

Near 1820 GMT, Brent oil futures jumped 9.1 percent to $82.90 a barrel while US benchmark West Texas Intermediate also climbed by 9.1 percent, to $77.87 a barrel. The surge came as the two countries clashed over control of the Strait of Hormuz, a key waterway for petroleum shipments.

AFP