WTI Settles at $85.76 After US and Iran Resume Military Strikes Near Strait of Hormuz

West Texas Intermediate crude settled at $85.76 per barrel on Monday, up $2.36 or 2.83%, as U.S. forces struck Iranian missile launchers near the Strait of Hormuz over the weekend, ending a roughly month-long pause in direct military exchanges. Brent crude surged as much as 3.5% to an intraday high of $91.52, its highest level since August 25, before pulling back to settle around $90.47. The strikes resumed a six-month conflict that has already curtailed Strait of Hormuz traffic to roughly five ships per day, stoking renewed fears of global supply disruption.

The escalation dragged equity markets lower on Monday. The Dow Jones, S&P 500, and Nasdaq all fell as the oil price spike weighed on sentiment, with the S&P 500 down about 0.25% and the Nasdaq off roughly 0.70%. Energy stocks bucked the broader slide, with Exxon Mobil and Chevron both trading higher. With no active diplomatic talks and the June negotiation framework expired, analysts are openly asking whether crude could push toward $100 per barrel next.