Oil prices rose more than 4% in Monday trading; as passage of energy shipments through the Strait of Hormuz remains under threat…

Oil prices rose more than 4% in Monday trading; as passage of energy shipments through the Strait of Hormuz remains under threat.

Brent crude oil futures rose by $3.10 to $79.11, and U.S. West Texas Intermediate crude oil also rose by $2.95, trading at $74.36 per barrel.

Iranian government media reported that the Strait was closed until further notice by order of the IRGC, but the U.S. Central Command rejected the claim and said that traffic is ongoing.

Before the outbreak of the war, about 20% of global oil supply passed through the Strait of Hormuz.