# Oil prices surged more than three-percent after renewed military strikes between the United States and Iran reignited concerns over energy shipments through the Strait of Hormuz. Brent crude prices for long-term delivery went up by 3.51-percent, to over 78-dollar per barrell. Reuters quotes Australia and New Zealand Banking Group analysts saying shipping operators are adopting a cautious approach and inbound movements through the strait have slowed under heightening security concerns. Fresh US and Iranian strikes over the weekend fuelled fears of a renewed escalation.
Oil prices spike as US-Iranian conflict continues