Oil prices rise over 2%

Oil prices continued to rise on Tuesday morning following Iran's announcement that it would block the Strait of Hormuz, Report informs referring to trading data.

May Brent crude futures rose $2.02 (2.6%) to $79.76 per barrel on the London ICE Futures Exchange.

April WTI futures rose $1.45 (2.04%) to $72.68 per barrel in electronic trading on the New York Mercantile Exchange (NYMEX).

A spokesman for Iran's Islamic Revolutionary Guard Corps stated that it would completely halt oil tanker traffic through the Strait of Hormuz in response to Israeli and US strikes on the country.

The Strait accounts for approximately 20% of all global oil flows.