Oil prices jump as US, Iran trade fire in Strait of Hormuz

Oil prices have jumped after clashes between the US and Iran in the Strait of Hormuz tested their ceasefire. Futures for Brent crude rose as much as 7.5 percent during a volatile trading session before easing. The international benchmark stood at $101.12 per barrel, down from the day's high of $103.70. Shipping in the strait has been at a near standstill since late February amid the threat of Iranian attacks on oil tankers. Brent prices are up about 40 percent compared to before the war.