Brent crude nears $90, as U.S. and Iran trade strikes

Global oil prices rose more than 2% on Monday. Brent crude futures climbed toward $90 a barrel. West Texas Intermediate rose above $85.

The U.S. military struck two Iranian launchers on Larak Island in the Strait of Hormuz. Iran’s Revolutionary Guards reportedly launched ballistic missiles at U.S. military bases in Jordan.

The Strait of Hormuz facilitates the transit of approximately one-fifth of the world's oil supply. This exchange of fire ends a month of relative calm. The escalation threatens to disrupt maritime traffic in the vital energy waterway.