Oil prices jumped on Monday as tensions escalated in the Gulf, with the UK government weighing up its options after Iran seized a British tanker.
Brent crude futures (BZ=F) were up 1.5% to $63.40 a barrel in early trading, while West Texas Intermediate crude futures (CL=F) were up 1% to $56.20 a barrel.
The threat of disruption to oil supplies in the Gulf rose as Iran’s Revolutionary Guard announced they had captured a British-flagged tanker on Friday.
UK prime minister Theresa May was due to hold an emergency ‘Cobra’ meeting to discuss Britain’s response on Monday morning.
British-registered ships were urged to avoid the Strait of Hormuz after the latest incident, despite its importance as a key route for around 20% of global oil supplies.
https://api.whatsapp.com/send?phone=8445765201