Regional conflict sends oil surging

Share markets sank in Asia on Monday as fighting intensified in the Gulf and Iran claimed to have closed the vital Strait of Hormuz, sending oil prices surging and rekindling inflation risks globally.
The dollar rose with bond yields as investors narrowed the odds of a hike in interest rates from the Federal Reserve, just a day before Chair Kevin Warsh is due to face Congress for the first time in his new role.
Inflation figures for June on Tuesday could show some cooling in the headline rate of 4.2% as petrol prices decline, though some of ⁠that will reverse now that oil is rising anew.
Brent crude climbed 4.3% to reach $79.31 a barrel, up from the recent trough of $70.14, while U.S. ⁠crude added 4.4% to $74.62 a barrel.
U.S. officials said around 20 vessels had been escorted through the strait in the previous 24 hours, though ship tracking sites showed little traffic moving.