Oil prices jump above 3.5% on renewed US-Iran fighting

Oil prices opened sharply higher on Monday after the United States launched a wave of attacks on Iran and as Tehran announced it would close the Strait of Hormuz.

A barrel of international benchmark Brent crude for September delivery rose 3.75% to $78.86 at around 2210 GMT on Sunday.

US benchmark West Texas Intermediate rose 3.65 percent to $74.02 per barrel for August delivery.