00:00Oil prices jumped Monday, hitting their highest levels in months as Iran and Israel stepped
00:06up a conflict in the Middle East.
00:08International benchmark Brent crude briefly topped $82 per barrel.
00:12It was up around 6% by early afternoon in Asia, with U.S. oil seeing similar gains.
00:18Analysts at Citi now expect Brent to trade between $80 to $90 a barrel this week.
00:24Israel launched a new wave of strikes on Tehran on Sunday, and Iran responded with more missile
00:29barrages.
00:30The attacks put ships at risk, with missiles hitting at least three tankers off the Gulf
00:35coast and killing one seafarer.
00:37That was according to shipping sources and officials on Sunday.
00:41Iran says it has closed navigation through the Strait of Hormuz, a key route for oil supplies.
00:46The news prompted checks on stockpiles by refiners and governments in Asia.
00:51That region gets most of its crude from the Gulf, which accounts for half of China's supply
00:55and 90% of Japan's.
00:57Risks to commercial shipping have surged over the past 24 hours.
01:02On Sunday, data showed more than 200 vessels, including oil and liquefied gas tankers, had
01:08dropped anchor around the Strait and surrounding waters.
01:11Amid the conflict, the OPIC-plus group of oil-exporting nations on Sunday agreed to a modest output
01:16boost of 206,000 barrels per day for April.
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