00:00Oil prices climbed about 4% on Monday after the U.S. military began a blockade of shipping leaving Iran's
00:06ports,
00:06growing threatened retaliation from Tehran against its Gulf neighbors after weekend talks on ending the Iran war broke down.
00:14Futures finished the day of earlier highs in a continuation of the volatility that has been a hallmark of oil
00:23trading
00:23since the U.S. and Israel jointly struck Iran on February 28, kicking off a war that has now lasted
00:30more than six weeks.
00:34While prices in cash markets continue to surge, futures traders have been more guarded due to U.S. President Donald
00:40Trump's unpredictable statements,
00:42which have co-exilated from threats to expectations of a swift deal to end the conflict.
00:47Brent futures rose $4.16 or 4.4% to settle at $99.36, while U.S. West Texas Intermediate
00:56Crude rose $2.51 or 2.6% to settle at $99.08.
01:03Earlier in the trading session, Brent was up more than $8 a barrel and WTI was up more than $9.
01:09The war has resulted in the largest ever disruption of global oil and gas supplies due to Iran's interruption of
01:15traffic through the Strait of Hormuz,
01:17which handles about 20% of global oil and liquefied natural gas flows.
01:22Trump on Monday said that 34 ships had passed through the Strait on Sunday, a figure Reuters could not verify.
01:29Normally, more than 100 vessels transit the Strait daily.
01:35Trump on Monday said that 34 ships have passed through the Strait of Hormuz,
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