Oil prices jump to six-week highs as US-Iran strikes intensify in Strait of Hormuz corridor

Oil futures and US fuel prices climbed sharply on September 8 as military escalation between the United States and Iran disrupted shipping through the Strait of Hormuz, a waterway carrying roughly one-fifth of the world's oil supply during peacetime, according to Al Jazeera. Brent crude, the global benchmark, rose to hover around $97 per barrel on Monday, a nine percent increase over the preceding five days and a 19 percent rise over the preceding month, per Al Jazeera reporting. That level approaches the six-week high of $97.93 reached on July 24. US West Texas Intermediate crude similarly rose to $92.27 per barrel, also a near six-week high, according to Al Jazeera. The price moves reflect reported military strikes by both sides. On Saturday, the US struck three Iranian oil tankers, while Iran's Islamic Revolutionary Guard Corps claimed it had struck three tankers and three US-linked vessels in other areas, per Al Jazeera. On Monday, the Financial Times reported that Saudi Aramco's Jizan facilities were struck for the second time in the last month, citing two people familiar with the matter. Shipping through the critical chokepoint has declined. According to Kpler, a data analytics platform cited by Al Jazeera, there is an average of 10 commodity ships crossing the Strait each day over the last ten days. That decline in transit volume compounds supply-side pressure from the direct attacks on tankers and infrastructure. The price increases are translating directly into US household costs. According to the American Automobile Association, the average price for a gallon of petrol reached $4.15 nationally on Monday, up 7 cents from $4.08 one week prior. Per Al Jazeera, petrol prices are up from $4.04 a month ago and $2.98 on February 28, when the US and Israel first struck Iran, marking a 39 percent increase since the conflict began. Last week, diesel prices hit all-time highs at $5.85 per gallon, and Monday's average topped $5.90 per gallon, per Al Jazeera. Americans have spent an average of $764.59 per household on fuel since the war began, which is $418.82 more than usual, according to data cited by Al Jazeera from Brown University's Watson School of International and Public Affairs. The AAA forecasted a 20 percent increase in flight costs for the September 5-7 Labor Day weekend compared to the same weekend the prior year, per Al Jazeera. US Central Command announced on Monday that it has redirected a total of 94 commercial ships alleged to have tried to violate , up from 92 the prior day, per CBS News citing the command. Three ships have been disabled and two have been boarded, the command reported. One week earlier, 16 crew members from a Saudi-flagged oil tanker were rescued by Oman's navy after Iran attacked the vessel in the Strait, with two people killed in that strike, per CBS News citing Oman's Maritime Security Center.