Oil spike tests Hormuz

Oil prices rose after fresh U.S. strikes in Iran, Iran said it targeted a U.S. airbase, and traffic through the Strait of Hormuz again became the market pressure point.

1. Frame 1Oil prices rose after fresh U.S. strikes in Iran put the Strait of Hormuz back at the center of Thursday markets.
2. Frame 2Iran's Revolutionary Guards said they targeted a U.S. airbase around 4:50 a.m.; the location was not specified.
3. Frame 3Brent rose 2.14% to $96.31, while U.S. crude climbed 2.2% to $90.63 by early morning.
4. Frame 4Hormuz traffic had briefly improved, then dwindled toward almost nothing again as fighting escalated.
5. Frame 5A U.S. official said the new strikes hit a military site threatening U.S. troops and commercial shipping.
6. Frame 6The next market test: whether Hormuz traffic keeps moving, or traders price in a wider supply shock.