Oil markets jolted higher Monday after Iran threatened to shut the Strait of Hormuz amid escalating tensions in the Middle East. West Texas Intermediate crude surged 7% to about $94 a barrel and Brent climbed 6% to roughly $97, reflecting growing fears that a prolonged disruption could choke off global supplies. While oil prices declined on hopes of a peace deal last week, a new exchange of strikes between the US and Iran reversed the trend. Iranian state media reported that Tehran had halted