Oil Prices Jump Amid Fresh Conflict in Strait of Hormuz

Oil prices surged on Monday after fresh fighting erupted in the Strait of Hormuz, highlighting the ongoing risks to West Asian supply flows.

The US military struck Iranian rocket launchers on Sunday August 30, following allegations that Tehran had prepared to lay mines in the waterway, said Captain Tim Hawkins, a spokesperson for US Central Command.

The strike marked an end to weeks of relative calm in the region, prompting a spike in crude prices. Brent crude rose 1.6% to $89.50 a barrel, while West Texas Intermediate gained 1.5% to $84.63 a barrel.