Energy prices surge as tanker disruptions and facility shutdowns rattle global supply
By DAVID McHUGH, AP Business Writer
FRANKFURT, Germany (AP) — Oil prices rose sharply Monday as disruptions to tanker traffic through the Strait of Hormuz raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy.
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U.S. oil traded 7.6% higher at $72.12 per barrel, while international standard Brent was up 8.6% at $79.11 per barrel. Natural gas futures in Europe jumped more than 40% after Qatar, a major supplier, halted production due to the conflict.