FX.co ★ Oil Jumps on Fresh US-Iran Strikes

Crude oil rose more than 3% to around $74 per barrel on Monday after the US carried out another round of strikes against Iran, heightening fears of supply disruptions in the Middle East. The two sides issued conflicting statements on the status of the Strait of Hormuz: Iran claimed the key waterway was closed until further notice, while Western naval forces maintained that it remained open to commercial shipping. Tehran said diplomatic efforts to de-escalate the situation were ongoing but acknowledged that the interim peace agreement had entered a critical phase. Iran also launched attacks on US allies in the region, while Kuwait reported damage to an offshore drilling platform, the first direct hit to energy infrastructure in weeks. Tanker traffic through the Strait of Hormuz remained muted, though some vessels may have continued transiting without broadcasting satellite signals. The Joint Maritime Information Center reported that the Omani shipping corridor continued to operate normally.