Oil prices jump 5% on fears of prolonged Hormuz blockade

Oil prices spiked sharply Wednesday after a report that US President Donald Trump had told national security officials to prepare for a long blockade of Iran's ports and the Strait of Hormuz.

At around 1335 GMT, a barrel of Brent crude for June delivery was up 5.16% at $117, its highest level since the fragile ceasefire between the United States and Iran came into effect.

Benchmark US oil contract, West Texas Intermediate, for delivery in the same month, gained 4.85% to reach $104.78, following the report in The Wall Street Journal.