US-Iran war, April 13 -- Crude oil prices jumped over 8% on Monday, April 13, as the US Navy moved to block vessels from accessing Iran through the Strait of Hormuz, a step that could curb Iranian oil exports after Washington and Tehran failed to reach an agreement to end the conflict.

Brent crude futures climbed $6.71, or 7.05%, to $101.91 a barrel, rebounding after a 0.75% decline on Friday. Meanwhile, US West Texas Intermediate rose $7.59, or 7.86%, to $104.16 a barrel, following a 1.33% drop in the previous session.

Meanwhile, crude oil prices on the Multi Commodity Exchange (MCX) also witnessed a similar upward movement today. MCX crude oil prices surged nearly 7.4% to Rs.9,830 per barrel.

Donald Trump announced on Sunday that the...