Oil jumps on Iran strikes, Hormuz shipping incident

HONG KONG: Oil prices surged in early Asian trade on Monday (Jul 20) after the United States struck Iran for a ninth consecutive night and a vessel caught fire in the Strait of Hormuz.The gains reflected growing fears that renewed fighting in the Middle East could disrupt oil shipments through the strait, a key corridor for global energy.Brent crude for September delivery rose 2.72 per cent to US$90.50 a barrel by around 1am GMT (9am, Singapore time). It had briefly crossed US$91, its highest price since June.US benchmark West Texas Intermediate gained 2.39 per cent to US$84.46. Britain's maritime security agency UKMTO said a ship was on fire in the strait on Monday, in waters around 15km northwest of Oman.It did not specify the cause of the blaze.US President Donald Trump told reporters o