Oil jumps more than 3% after US-Iran strikes rattle Hormuz

Oil prices climbed more than 3% Monday after US forces struck two Iranian launchers on Larak Island in the Strait of Hormuz and Iranian media reported retaliatory attacks on two US air bases in Jordan. Brent crude rose $2.87 to $90.97 a barrel by 1120 GMT, while US West Texas Intermediate gained $2.91 to $86.31. The latest escalation deepened worries over supply disruptions in the waterway, which carried about a fifth of global oil before the war began in late February. Shipping data showed visible commodity vessel traffic through the strait dropped over the weekend to roughly five ships a day. UKMTO also reported a tanker was hit by a projectile while entering the strait on Saturday.