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Oil prices have shot up around 9 per cent as President Donald Trump announced the reimposition of a US naval blockade on Iranian ports while the two sides traded attacks, AFP reports.
Near 1820 GMT (11:20pm PKT), Brent oil futures jumped 9.1pc to $82.90 a barrel, while US benchmark West Texas Intermediate also climbed by 9.1pc, to $77.87 a barrel.
The surge comes as the two countries clash over control of the Strait of Hormuz, a key waterway for petroleum shipments.
