Oil price jumps above $117 after reports of 'extended' Iran blockade

Oil prices have soared following reports of an 'extended' US blockade of Iran. Brent crude rose to over $117 a barrel, the highest price so far this month, from just over $110 a barrel on Tuesday evening. Oil traders believe the effective closure of the Strait of Hormuz will continue for a prolonged period, severely restricting shipping through the strait which carries a fifth of the world's oil and liquid natural gas supply.