Oil jumps after US Iran clashes spark Hormuz supply concerns
Business
Oil prices jumped on Monday after new clashes between the US and Iran sparked worries about possible supply problems through the Strait of Hormuz, a key route for global oil.
Brent crude shot up over 4% to $79.50 a barrel, while WTI crude hit $74.20.
Even European natural gas prices rose as markets reopened after the weekend.
Analysts warn $150 per barrel possible
The Strait of Hormuz moves nearly 20 million barrels of oil every day, so any trouble there can send prices soaring: analysts say we could even see $150 per barrel if things drag on.
And while global oil production has picked up a bit, it's still way below pre-war levels, meaning the world's energy markets are already running tight.