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Oil jumps on Iran strikes, Hormuz shipping incident
Oil prices surged in early Asian trade on Monday 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 percent to $90.50 a barrel by around 0100 GMT. It had briefly crossed $91, its highest price since June.
US benchmark West Texas Intermediate gained 2.39 percent to $84.46.
Britain's maritime security agency UKMTO said a ship was on fire in the strait on Monday, in waters around 15 kilometres northwest of Oman.
It did not specify the cause of the blaze.
US President Donald Trump told reporters Sunday evening that the United States was hitting Iran "very hard" in retaliation for the recent deaths of American troops in the Middle East.
Separately, Kuwait's military said Monday it was responding to an Iranian drone attack targeting its territory, reports BSS.