Oil extends gains after new Iran threat to Gulf shipping

In afternoon trade in Asia, Brent crude was around 3.2% higher at more than $80 (£59.67) a barrel, while US-traded oil was up by about 2.6%. Kenya breaking news | Kenya news today |..

✨ Key Highlights

Oil prices have surged, with Brent crude exceeding $80 a barrel, following new threats from Iran to disrupt shipping in the Strait of Hormuz. This crucial waterway, through which approximately 20% of global oil and gas passes, has seen shipments halt after recent vessel attacks.

Oil prices rose by over 3.2% for Brent crude and 2.6% for US-traded oil.
Key figures involved include an adviser to Iran's Islamic Revolutionary Guard Corps (IRGC) and U.S. officials like Secretary of State Marco Rubio.
The cost to transport oil has also significantly increased, with supertanker hire rates reaching an all-time high.

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