Oil prices spike as renewed US-Iran war threatens global supply route

Oil prices have climbed by more than 3 percent as renewed fighting fuels fears of disruption to shipments through the Strait of Hormuz.

Brent crude futures rose by $2.67, or 3.51 percent, to $78.68 a barrel.

The Strait of Hormuz remains one of the world’s most important energy routes. About one-fifth of global petroleum liquids consumption passed through the waterway.