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Brent oil records biggest daily gain since 2020

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Brent crude futures jumped by 9.6% to close at $83.30 per barrel on Monday.

That marked the best daily performance for Brent crude futures since May 2020.

The oil increase came as President Donald Trump said the United States would impose a naval blockade against Iran to control the Strait of Hormuz.

Read more from CNBC.

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