Brent crude futures surged past $90 per barrel on Monday, with West Texas Intermediate (WTI) approaching $86, as fresh clashes erupted near the Strait of Hormuz, underscoring the persistent vulnerability of the region's vital oil shipping route after months of conflict.

Captain Tim Hawkins, a spokesperson for the US Central Command, confirmed that American forces carried out a military strike on Sunday against Iranian rocket launchers that were reportedly being prepared to lay mines in the waterway. The action broke several weeks of relative calm in the area.

Oil markets have been exceptionally volatile this month, with Brent futures experiencing a monthly trading range of nearly $17 per barrel. Prices have swung repeatedly in response to intermittent ceasefire attempts in the conflict, while also being pressured by Washington's firm rhetoric vowing to intensify efforts to isolate and target Iran's economy in order to force Tehran into submission.

However, analysts have generally given low marks to the actual actions taken by the United States, suggesting they have fallen short of expectations. Despite this, according to estimates from traders tracking cargo movements, approximately 6 million to 8 million barrels of crude oil still transit the Strait of Hormuz daily, even in the absence of any peace agreement between Washington and Tehran.

In a separate development, Iran's semi-official Mehr News Agency reported that "ship traffic is proceeding on a limited basis" along routes approved by Iranian authorities, adding that vessels have been required to pay transit fees. Trading volumes for Brent futures may be thinner than usual on Monday due to public holidays in parts of the United Kingdom, including England.