Oil prices spike above $70 per barrel as Iran’s Straight of Hormuz grows tangled

Oil prices rose sharply Monday as disruptions in tanker traffic through the Strait of Hormuz chokepoint raised uncertainty about how U.S. and Israeli attacks on Iran would affect supply to the world economy.

US oil traded 7.4% higher at $71.97 per barrel, while international standard Brent was up 7.7% at $78.46 per barrel.

Higher oil prices raise the prospect of costlier gasoline prices for U.S. drivers as well as for other goods at a time when people in many countries have been stung by inflation.

A key focus was the situation around the strait at the southern end of the Persian Gulf, through........

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