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Oil prices jumped above $90 per barrel Sunday in the first major trading since the deaths of three U.S. service members and escalating Middle East hostilities.
Why it matters: Higher oil prices could quickly translate into more expensive gasoline for consumers and diesel for freight carriers while increasing inflation risks worldwide.
Context: Brent crude's move above $90 a barrel — its first since mid-June — builds on last week's gains after the U.S.-Iran ceasefire deteriorated further, reducing tanker traffic through the Strait of Hormuz following a brief rebound.
