Oil prices surged 5%

Brent futures rose by $5.08, or 5.62%, to $95.46 per barrel, while U.S. West Texas Intermediate traded at $88.86 per barrel, up $5.01, or 5.97%, Reuters reported.

On Friday, both contracts fell 9%—their biggest daily drop since April 18—after Iran stated that the Strait of Hormuz would remain open to all commercial vessels during the ceasefire, and U.S. President Donald Trump said that Iran had agreed never to block the strait again.

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