Oil Prices Spike on Strait of Hormuz Tensions Amid Inflation Fears

Oil prices rose nearly 1% after strikes in the Strait of Hormuz, where Iran and the United States targeted tankers. The North Sea Brent index gained 0.97% to $97.21 a barrel, while US West Texas Intermediate rose 0.64% to $92.05.

The escalation between Washington and Tehran has reduced crude shipments through the Strait of Hormuz, which previously carried almost one-fifth of global oil supplies.

Market attention is focused on upcoming inflation data, with investors watching for US producer and consumer-price numbers, as well as signals from the European Central Bank meeting and Bank of Japan decisions.