Oil jumps on Iran strikes, Hormuz shipping incident

HONG KONG: Oil prices surged in early Asian trade on Monday (Jul 20) 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 per cent to US$90.50 a barrel by around 1am GMT (9am, Singapore time). It had briefly crossed US$91, its highest price since June. US benchmark West Texas Intermediate gained 2.39 per cent to US$84.46….