WTI and Brent crude prices rise over 2% as US-Iran clashes cut daily ship traffic in the Strait of Hormuz to single digits.
Oil prices climbed more than 2% to start the week as escalating US-Iran tensions in the Middle East disrupted shipping routes. WTI crude reached $83.55 while Brent crude hit $90.33, driven by a sharp decline in vessel traffic through the Strait of Hormuz to single-digit daily transits.
The conflict has halted nearly all LNG tanker movements, with only high-risk or Iranian and Chinese-linked vessels navigating the northern corridor. The situation follows the collapse of a recent ceasefire, intensifying regional instability and supply concerns.
Equity markets showed modest gains, with S&P 500 futures up 0.2% and Nasdaq futures rising 0.5%, though the rebound follows heavy selling late last week. Bond yields and broader risk sentiment remain under pressure as traders monitor developments.