Brent oil prices jump 5% on rising tensions over Strait of Hormuz

Brent oil prices shot up more than five percent Monday on intensifying tensions over the Strait of Hormuz as Emirati authorities said an energy installation had been struck by a drone.

Near 1535 GMT, Brent oil futures jumped 5.2 percent to $113.78 a barrel, while US benchmark West Texas Intermediate rose 3.1 percent to $105.11 a barrel.

Agence France-Presse (AFP) is a French international news agency headquartered in Paris, France. Founded in 1835 as Havas, it is the world's oldest news agency.

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Source: Insider Paper