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 it