US-Iran strikes lift oil prices amid Strait of Hormuz risks
Fresh military strikes between the US and Iran drove oil prices up more than 3.5% on Monday, with Brent at $91.25 and US WTI at $86.36 a barrel, as markets weighed risks to shipments through the Strait of Hormuz. The US struck two Iranian launchers on Larak Island, and Iran reported attacks on two US air bases in Jordan, while a tanker was hit entering the strait and visible shipping fell to about five commodity vessels a day. Traders also noted thin holiday volumes. Negotiations to reopen the strait remain stalled and the US plans weekly secondary sanctions and Venezuelan oil purchases to rebuild its strategic reserve.
Strait of Hormuz disruptions could threaten global oil supplies.
Context
The conflict has run for six months and includes strikes by both sides. Shipping through the Strait of Hormuz has fallen sharply. Mediators are trying to reopen the waterway but the situation could get worse or calm down.
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