Crude oil prices have soared about 7 per cent after US President Donald Trump threatened fresh strikes against Iran, which could lead Iran to close the Strait of Hormuz to ship traffic again, Reuters reports.
Brent futures are up $4.91, or 6.6pc, to $79.07 a barrel, while US West Texas Intermediate (WTI) crude is up $4.27, or 6.1pc, to $74.71.
These will be the biggest daily percentage gains for both crude benchmarks since April, putting Brent on track for its highest close since June 19 and WTI on track for its highest close since June 18.
