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Oil prices have spiked sharply after a report that US President Donald Trump told national security officials to prepare for a long blockade of Iran’s ports and the Strait of Hormuz, AFP reports.
At around 1335 GMT (6:35pm PKT), a barrel of Brent crude for June delivery was up 5.16 per cent at $117, its highest level since the fragile ceasefire between the United States and Iran came into effect.
Benchmark US oil contract, West Texas Intermediate, for delivery in the same month, gained 4.85pc to reach $104.78, following the report in The Wall Street Journal.
