Oil prices jump over 2% after US strikes on Iran in Strait of Hormuz spark supply fears
Oil prices surged more than 2% on Monday as tensions between the U.S. and Iran reignited, with Brent crude futures climbing to $90.32 per barrel and West Texas Intermediate reaching $85.41 per barrel. The spike followed U.S. strikes late Sunday on two Iranian missile launchers on Larak Island in the Strait of Hormuz, a critical global energy chokepoint. Iran’s Revolutionary Guard later claimed it had retaliated by attacking U.S. targets in Jordan, according to Swedish public broadcaster SVT .
Trading opened at midnight Sunday, with Brent rising 1.6% to $89.66 per barrel and WTI up 1.7% to $84.80 per barrel, according to TT News Agency. By Monday, both benchmarks extended gains, with Brent breaching $90 for the first time since late July, as reported by Reuters . The Strait of Hormuz, where the strikes occurred, handles a significant share of global oil shipments, amplifying concerns over supply disruptions.
Natural gas prices in Europe also spiked, with Dutch TTF gas futures rising 2.9% to €68.90 per megawatt-hour, the highest level since early 2023, SVT reported . The surge in energy costs has already translated into higher household energy bills across Europe, with Dutch households facing nearly €600 more annually for fixed contracts compared to February, according to Nu.nl .
The oil price rally coincided with broader market jitters as Federal Reserve Chair Kevin Warsh signaled potential U.S. interest rate hikes to combat inflation, which remains at 3.7%, nearly double the Fed’s 2% target. Warsh told the Jackson Hole symposium that the central bank must ensure inflation is moving toward its objective “clearly and at sufficient speed,” adding he would be “hard-pressed” to describe current financial conditions as restrictive .
Asian equities fell on Monday, with tech stocks leading declines in Tokyo, Seoul, Hong Kong, and Shanghai, as investors weighed the dual pressures of rising energy costs and tighter monetary policy. The U.S.-Iran conflict, now in its sixth month, has already driven up global energy prices, with LNG costs in Europe hitting their highest levels since January 2023, according to IntelliNews .
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Articles
Morning Bid: Oil climbs as missiles fly in the Gulf reut.rs/4xqsGpl
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Oljepriset stiger efter nya attacker Efter nya attackerna
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