Oil prices jump amid resumption of US-Iran clashes

Oil prices jump amid resumption of US-Iran clashes Crude oil prices rose on Monday after the US attacked Iran's Larak Island, prompting Iran to retaliate in the first open fire between the two countries since July. Brent crude prices jumped over 2.5 percent on Monday alone, taking prices to $90.34 per barrel. The US-Israeli assault has caused oil prices to spike amid Iran's closure of the vital strait of Hormuz shipping lane, although prices are now far lower than at the height of hostilities earlier this year, when crude traded at upwards of $110 per barrel.