Oil rises more than 4% as renewed US-Iran strikes roil Hormuz
Why it matters: Only six vessels crossed the strait Sunday, underscoring risks to a route that handled about 20% of global oil and LNG before the war.
Oil prices climbed more than 4% on Monday after the United States and Iran carried out fresh strikes, raising new doubts about shipping through the Strait of Hormuz and the durability of a June interim deal meant to reopen the waterway. Brent crude rose to $79.11 a barrel and West Texas Intermediate to $74.36 in early trading. US Central Command said American forces struck dozens of targets on Sunday, while Iran’s Revolutionary Guards said they attacked US bases in Kuwait and Bahrain. The market reaction came as Kpler data showed just six vessels transited Hormuz on Sunday, the lowest number in five weeks, highlighting strain on a passage that is central to global energy flows.