WTI crude opened the week at $83.55 a barrel. Almost no LNG tankers are crossing the Strait of Hormuz, ship tracking data showed. Equities bounced after Friday's selloff. The dollar was mixed.
Iran struck ships in the Strait of Hormuz over the weekend. The US responded with a blockade. A fresh exchange of missile strikes followed the collapse of the ceasefire deal.
Crude oil opened the week sharply higher. WTI rose 2% to $83.55 a barrel. Brent crude touched $90.33.
Daily vessel traffic through the strait has fallen to single digits, ship tracking data showed. Almost no LNG tankers are crossing, and the handful of oil tankers that do move are all high-risk transits, mostly Iranian or Chinese-linked vessels using the northern corridor.
The supply disruption is pushing bond yields higher. Broader markets are on edge, traders said. S&P 500 futures bounced 0.2% after Friday's heavy selling. Nasdaq futures gained 0.5%.
The dollar was mixed against major peers. EUR/USD held at 1.1443, and USD/JPY stayed near 162.33. Japanese markets were closed for a holiday, keeping volumes thin. AUD/USD edged up 0.2% to just under 0.7000.
Gold rose 0.1% to $4,019. Silver climbed 1.7% to $56.85. The dollar's steadiness capped the upside for metals, traders said.
Daily traffic through the Strait of Hormuz has fallen to single digits. WTI crude last traded at $83.55.
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