Oil prices surge as violence flares in Strait of Hormuz

Brent crude rises nearly 6 percent as soaring tensions in waterway push ceasefire to the brink.

Oil prices have risen sharply as violence in the Strait of Hormuz cast doubt over the fragile ceasefire between the United States and Iran.

Brent crude, the primary benchmark for oil prices worldwide, rose by nearly 6 percent on Monday to $114.44 a barrel.

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