Oil Prices Jump After Iran Claims Missile Strike on U.S. Navy Vessel Near Hormuz

Oil prices rallied again on Monday morning after Iran’s Fars news agency reported that two missiles struck a U.S. Navy vessel near Jask Island on the Gulf of Oman, just outside the eastern entrance to the Strait of Hormuz. Brent crude for July delivery was up 2.82% to trade at $111.12 per barrel at 8:00 am ET while WTI crude for June delivery rallied by a similar margin to change hands at $104/bbl. According to Fars, Iran’s semi-official news agency, the vessel ignored repeated warnings by the Islamic Revolutionary Guard Corps (IRGC)…