Oil climbs, stock futures edge up as US-Iran airstrikes escalate

Oil prices rose on Sunday while US stock-index futures edged higher, as the United States and Iran continued to exchange airstrikes in the Persian Gulf, renewing fears that the Strait of Hormuz may effectively be shut again.

The escalation marks a significant deterioration in Middle East tensions. The US and Iran have traded multiple rounds of airstrikes over the past week, with the latest strikes targeting military installations near the strategic waterway. The Strait of Hormuz is a critical chokepoint for global oil shipments, with about 20% of the world's petroleum passing through it daily. Any disruption to traffic there can send crude prices sharply higher and roil energy markets. For traders, this means heightened volatility in crude oil futures and related products. Check NowPrice's fuel page for real-time pricing on Brent and WTI crude, as well as gasoline and heating oil futures.

Looking ahead, markets will focus on any diplomatic efforts to de-escalate the conflict, as well as the US Energy Information Administration's weekly inventory data due later this week. A sustained closure of the Strait of Hormuz could push oil prices above $100 per barrel, analysts warn. Traders should also monitor the response from OPEC+ members, particularly Saudi Arabia, which has spare capacity that could be used to offset supply losses.