Oil prices climbed on Monday after renewed fighting involving the U.S. and Iran heightened concerns about crude flows through the Strait of Hormuz. Brent crude traded above $90 a barrel, while U.S. benchmark West Texas Intermediate rose to the mid-$80s.
Brent crude futures rose about 2% on Monday and traded above $90 a barrel, according to Reuters, as escalating U.S.-Iran hostilities tightened concerns over shipments through the Strait of Hormuz. U.S. benchmark West Texas Intermediate also gained more than 1% and traded around $84 a barrel.
U.S. gasoline prices also moved higher. AAA data cited by CBS News showed the national average price for a gallon of regular gasoline reached $4.003 on Monday, the first time in more than a month it has topped $4.
The market moves came after a weekend in which three U.S. service members were reported killed in Iranian attacks, prompting President Donald Trump to post on Truth Social that “the gates of HELL have now been UNLEASHED like they never could have imagined or seen before.” The Associated Press has reported the U.S. military death toll in the Iran war at 17 as of July 19, though subsequent AP updates said the toll could rise to 18 depending on confirmations.
Separately, Yemen’s Iran-aligned Houthi movement said it would impose a naval blockade on Saudi Arabia and warned that vessels could be targeted if they load or unload at Saudi ports, according to Reuters. Reuters also reported that two tankers — Xin Long Yang and Rodos — changed course on Tuesday in the southern Red Sea following the Houthi warning.
In a statement to CBS News, White House spokeswoman Taylor Rogers said energy prices could fall if U.S. military operations weaken Iran’s ability to threaten commercial shipping in the Strait of Hormuz.