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Crude oil rose more than 3% to above $86 a barrel on Monday as tensions in the Middle East escalated, with the US and Iran exchanging strikes for the first time in roughly a month and new concerns emerging over shipping through the Strait of Hormuz. US forces targeted Iranian rocket launchers that were reportedly preparing to deploy mines in the strategic waterway, while Iran claimed attacks on US bases in Jordan. Tehran also reported that a supertanker attempting to cross Hormuz’s southern route had struck two mines, although the incident has not been independently confirmed. Oil prices have gained around 2% in August, following a sharp 22% increase in July, as markets continue to react to shifting prospects for an end to the conflict. Washington’s economic pressure campaign and naval blockade have disrupted Iranian exports, although traders estimate that around 6–8 million barrels of crude per day, mainly from other Gulf producers, continue to transit Hormuz.
