Brent crude climbs above $90 a barrel after US-Iran strikes in Hormuz

NEW YORK - Brent crude, the global oil benchmark, climbed back above $90 a barrel on Monday after US forces struck Iranian positions in the Strait of Hormuz and Iran answered with missile fire toward American sites in the region.

Early trade saw Brent up roughly 2% to about $90.50 a barrel, with some prints near $90.60, according to Associated Press, MarketWatch and energy-desk reports. US West Texas Intermediate rose a similar pace to the mid-$85 range.

The rally followed Sunday's US strike on two Iranian rocket launchers on Larak Island. Central Command said the launchers were being readied to put sea mines into the strait. Iran's Revolutionary Guard said it retaliated against US bases in Jordan. Jordan reported intercepting incoming missiles.

Hormuz is the outlet for Persian Gulf crude. Tanker traffic has already been thinner during the six-month conflict. Traders treat any new mining threat or base attack as a reason to rebuild a geopolitical premium in the price.

The move comes as Federal Reserve Chair Kevin Warsh's Jackson Hole remarks also shaped rate expectations. Higher oil can feed inflation readings that the Fed watches. Stock index futures slipped in early trade as investors weighed both energy risk and the chance of firmer US rates.

For households, a one-day crude jump does not lock in pump prices. Retail gasoline lags crude and varies by state taxes and refining. Still, seniors on fixed incomes feel it quickly when a fill-up or propane delivery costs more. AAA and state energy offices remain the practical check for local averages.

Analysts said prices will stay jumpy until shipping through Hormuz looks steadier or diplomatic tracks reduce the odds of another strike cycle.