Oil prices jump 9% as Brent rises to $83.30 a barrel

Oil prices rose more than 9% at settlement on Monday, touching their highest level in a month, following the announcement of the reimposition of a US naval blockade on Iran.

Brent crude futures settled up $7.29 a barrel, or 9.59%, at $83.30 a barrel, while US West Texas Intermediate crude rose $6.73, or 9.42%, to $78.14 a barrel at settlement.