US strike in Strait of Hormuz lifts Brent to $89.18
Business
Oil prices climbed over 1% on Monday after a US military strike on an Iranian island in the Strait of Hormuz led to retaliation from Tehran.
Brent crude hit $89.18 per barrel, and US WTI reached $84.32, raising worries about possible disruptions to global oil supplies.
Gold steadies, US dollar strong
The ongoing conflict in the region (now six months long) is making oil prices more unpredictable.
Meanwhile, gold steadied after a sharp drop last week sparked by the US Fed's tough talk on inflation, and the US dollar stayed strong as investors braced for potential interest rate hikes.