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Oil prices witnessed a significant jump of more than six percent on Monday following the closure of the Strait of Hormuz after the US and Iran accused each other of ceasefire violations.
Brent crude futures soared by $6.11, or 6.76% to reach $96.49 a barrel by 2327 GMT and US West Texas Intermediate hovered at $90.38 a barrel, up $6.53, or 7.79%, according to Reuters.