Global oil prices settle above $90 a barrel after U.S. and Iran exchange fire for first time in a month

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 about reopening the Strait of Hormuz.

Oil prices ended sharply higher on Monday after the U.S. and Iran exchanged fire for the first time in a month amid renewed hostilities, as the Middle East conflict stretches into its seventh month.

The global benchmark Brent crude-oil contract for November delivery (BRN00) (BRNX26) rose 1.3% to $90.49 per barrel, settling at its highest level in a week, according to FactSet data. West Texas Intermediate crude for October delivery (CL00) (CLV26), the U.S. benchmark, was up 2.8% to $85.76, logging its biggest one-day gain since early August.