India, March 2 -- Oil prices rose sharply on Monday after at least three ships were attacked near the Strait of Hormuz, which is crucial for the flow of oil to the rest of the world.
On a typical day, ships carrying oil equal to about one-fifth of global demand from Saudi Arabia, the UAE, Iraq, Iran, and Kuwait sail through the Strait.
Benchmark Brent crude futures last traded up 9.4 percent at $79.73 a barrel, breaching more than a one-year high, after having climbed nearly 12 percent earlier in the day. WTI crude futures were up 7.6 percent at $72.11 a barrel.
U.S. President Donald Trump signaled the U.S.-Israeli military assault on Iranian targets may last about four weeks, framing the conflict a complex operation against a large and ...