Oil prices soar 10% as tanker traffic halts near the Strait of Hormuz amid Iran attacks while IRGC warns against passage. ‘Our ships will stay put’

Energy markets are starting to react to the U.S.-Israel bombing campaign against Iran, which is stepping up retaliation in the region.

Brent crude prices jumped 10% to about $80 a barrel over the counter on Sunday, oil traders told Reuters. That’s after the global benchmark had been surging in the days leading up to the first airstrikes early Saturday as tensions mounted, closing at a seven-month high of $73 a barrel on Friday.

Iran pumped 4.7 million barrels per day last year...