By Isabel Wang and Steve Goldstein
Every extra dollar in oil prices now lands in a market that has suddenly rediscovered the possibility of another interest-rate hike
The latest leg higher in oil prices on Monday comes after global crude futures fell by over 5% last week, following talks between Iran and Oman on reopening the Strait of Hormuz.
Oil prices jumped on Monday morning after the U.S. and Iran exchanged fire for the first time in a month.
The Brent crude contract (BRN00) (BRNX26) for November delivery rose 3.4% to $91.22 per barrel, on pace for its highest level in over a week, according to FactSet data. The West Texas Intermediate contract for October delivery (CL00) (CLV26), the U.S. benchmark, was up 3.4% to $86.20, on track for its biggest one-day percentage gain since early August.
