HONG KONG, July 20 — 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 supplies.
Brent crude for September delivery rose 2.72 per cent to US$90.50 (RM370.15) a barrel by around 0100 GMT. It had briefly crossed US$91 (RM372.19), its highest price since June.
US benchmark West Texas Intermediate gained 2.39 per cent to US$84.46 (RM345.44).
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 on 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. — AFP
