Oil prices jump over 4% as US-Iran strikes escalate and Hormuz shipping fears grow

Oil prices rose more than 4% on Monday 13 July following the latest escalation between the US and Iran. The US struck military targets inside Iran, while Tehran retaliated with attacks on American bases in Kuwait and Bahrain. Markets are particularly concerned about potential disruptions to oil shipments through the Strait of Hormuz amid conflicting reports on whether it remains open.