Oil prices jump as Iran re-closes Strait of Hormuz
Oil prices rose Monday after renewed fighting in the Middle East and Iran's weekend closure of the Strait of Hormuz, which Tehran said responded to a U.S. blockade of its ports.
Oil prices surged Monday following a re-escalation of hostilities in the Middle East. Iran closed the Strait of Hormuz at the weekend—after briefly reopening it a day earlier—saying the action was in response to a U.S. blockade of its ports.