Oil prices spike as Hormuz traffic slows to multi-week low

Oil prices spike as Hormuz traffic slows to multi-week low Oil prices have jumped more than 4 percent on Monday following renewed strikes between the US and Iran threatening their fragile peace agreement. "Oil's return towards pre-war levels in June reflected markets pricing in a best-case outcome for the fragile US-Iran arrangement," analyst Fabien Yip told AFP, adding that the "re-escalation exposes how fragile that assumption was". Meanwhile, the number of vessels transiting the Strait of Hormuz has fallen to its lowest in five weeks, according to shipping data, despite Trump’s insistence that the waterway is open to commercial vessels.