Commodities
Trump's Hormuz Comments Send Oil Prices Soaring
Oil prices have surged following US President Donald Trump's statements on Saturday, which cast doubt on the restoration of oil supplies through the Strait of Hormuz.
The price of November futures for Brent crude rose to $107.26 per barrel, a $2.94 (2.82%) increase from the previous session's close.
WTI crude futures also saw an uptick, rising by $1.71 (1.85%) to $94.12 per barrel on the New York Mercantile Exchange.
The tension stems from Trump's rejection of Iran's de-escalation plan, which aimed to restore transit through the Strait in exchange for an end to the US naval blockade.