Oil prices rose sharply on Monday after renewed military strikes between the United States and Iran stoked concerns about energy shipments through the Strait of Hormuz.

Brent crude futures rose $2.67, or 3.51%, to $78.68 a barrel by 07:43 GMT, while U.S. West Texas Intermediate crude rose $2.48, or 3.47%, to $73.89 a barrel.

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The new U.S. and Iranian strikes over the weekend fueled fears of a new escalation, as Tehran targeted U.S. facilities across the Gulf on Sunday and announced the closure of the Strait of Hormuz again, while Iran's Revolutionary Guard said on Monday it had attacked U.S. military bases in Kuwait and Bahrain. Ship-tracking data showed that maritime traffic through the Strait of Hormuz fell to its lowest level in five weeks on Sunday, with only six ships crossing the strait on Sunday.