Oil prices soar after Middle East conflict escalates again

Stay up to date with notifications from The IndependentNotifications can be managed in browser preferences.Jump to contentThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged inAllNewsSportCultureLifestyleShare markets in Asia slipped on Monday as intensified fighting in the Gulf and Iran's claim of closing the Strait of Hormuz caused global inflation risks to resurface. Brent crude oil prices surged by 3.3 per cent to $78.50 a barrel, while US crude added 3.4 per cent, following a cycle of attacks and counter-attacks between Iran and the US. Despite Iran's declaration, US officials stated the Strait of Hormuz remained open for commercial traffic, though ship tracking data showed a significant reduction in transiting vessels. The escalating conflict casts doubt on a recent interim US-Iranian agreement designed to reopen the strait and conclude the war. The rise in oil prices pushed up bond yields and strengthened the dollar, as investors anticipated a higher chance of interest rate hikes from the Federal Reserve. In fullOil prices jump after US and Iran escalate strikes in the Middle EastMore bulletinsThank you for registeringPlease refresh the page or navigate to another page on the site to be automatically logged inPlease refresh your browser to be logged in

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