Oil Prices Surge Amid Strait of Hormuz Uncertainty as Gold Steadies

Oil prices surged on Monday as uncertainty over the reopening of the Strait of Hormuz continued to impact markets. Brent crude futures rose $0.91, or 1.09%, to $84.46 a barrel, while WTI crude futures gained $0.61, or 0.78%, to $78.79 a barrel.

The increase in oil prices comes after the Strait of Hormuz had declined more than 7% last week on hopes of a deal between Iran and Oman to reopen the vital shipping lane, which carries around a fifth of global oil supplies.

Gold steadied after its biggest weekly gain since January, with bullion trading near $4,345 an ounce in early trading. This comes after a surprise contraction in the US jobs market allayed concerns around an interest-rate hike.