Crude oil price jump by over $1 after Iran announces closure of Strait of Hormuz

Crude oil prices jumped on Thursday after Iran announced the closure of the Strait of Hormuz following overnight US strikes. Brent crude futures rose $1.48 to $94.58 a barrel, while US West Texas Intermediate (WTI) crude climbed $1.71 to $91.74. Meanwhile, US President Donald Trump vowed to "bomb the sh*t out of Iran" if no peace deal is secured.