Oil jumps on Iran strikes, Hormuz shipping incident
A pump jack operates near a crude oil reserve in the Permian Basin oil field near Midland, Texas, US, on Feb 18, 2025. (Photo: Reuters/Eli Hartman)
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HONG KONG: Oil prices surged in early Asian trade on Monday (Jul 20) after the United States struck Iran for a ninth consecutive night and a vessel caught fire in the Strait of Hormuz.
The gains reflected growing fears that renewed fighting in the Middle East could disrupt oil shipments through the strait, a key corridor for global energy.
Brent crude for September delivery rose 2.72 per cent to US$90.50 a barrel by around 1am GMT (9am, Singapore time). It had briefly crossed US$91, its highest price since June.
US benchmark West Texas Intermediate gained 2.39 per cent to US$84.46.
Britain’s maritime security agency UKMTO said a ship was on fire in the strait on Monday, in waters around 15km northwest of Oman.
It did not specify the cause of the blaze.
US President Donald Trump told reporters on Sunday evening that the US was hitting Iran “very hard” in retaliation for the recent deaths of American troops in the Middle East.
Separately, Kuwait’s military said on Monday it was responding to an Iranian drone attack targeting its territory.
Source: AFP/rl
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