Brent crude oil futures rise as market focuses on the Strait of Hormuz.

Brent crude oil jumped in early Asian trading, reflecting market nervousness over the threat of Iran disrupting shipping in the Strait of Hormuz. The near-month Brent crude oil contract rose by 3.1% to $79.40 per barrel. Iranian officials have repeatedly threatened the strait, through which about one-fifth of global oil and a significant amount of natural gas are transported. Any disruption would lead to a surge in oil prices.