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Crude oil climbed above $85 per barrel on Monday, starting the week higher after the US military targeted Iranian rocket launchers preparing to deploy mines into the Strait of Hormuz, marking the first such attack in more than a month. US forces also said they are closely monitoring the waterway and remain prepared to safeguard the free flow of commerce. The US last launched missiles at Iranian targets in late July but has since shifted its focus toward squeezing the country’s economy through sanctions to push Tehran back to the negotiating table. An Iranian official said Friday that resuming diplomacy with the US “isn’t impossible” following constructive discussions with Qatar, a mediator in the conflict. Meanwhile, reports indicated that around 6 to 8 million barrels of crude are still flowing through Hormuz each day despite the absence of a peace agreement between Washington and Tehran.
