Brent oil prices jump 5% amid rising tensions over Strait of Hormuz

Brent oil prices shoot up more than five percent amid intensifying tensions over the Strait of Hormuz as Emirati authorities said an energy installation had been struck by an Iranian drone.

Near 3:35 p.m. GMT (6:35 p.m. Israel time), Brent oil futures jumped 5.2% to $113.78 a barrel, while US benchmark West Texas Intermediate rose 3.1% to $105.11 a barrel.

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