What triggered the 5% spike in oil prices on Monday, and what were the immediate price levels for Brent and WTI crude?

Oil prices spiked by around 5% on Monday after Iran claimed it had turned back a U.S. warship attempting to enter the Strait of Hormuz — though the U.S. denied Iranian reports of missile strikes — and amid President Trump’s announcement that the U.S. would begin assisting stranded ships in the strait; as a result, Brent crude traded at around $112/bbl and WTI at around $106/bbl.

Why did the yen strengthen abruptly to 155.7 against the dollar on Monday, and what is the suspected cause?

The yen strengthened abruptly on Monday, touching 155.7 against the dollar before paring gains, fueling speculation of another round of Japanese intervention after last week’s apparent buying — which may have seen authorities spend up to $35 billion to support the currency.

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Oil prices surged over 5% amid U.S.-Iran naval tensions in the Strait of Hormuz, with Brent crude reaching $112/bbl. The geopolitical crisis also triggered Spirit Airlines' bankruptcy due to skyrocketing fuel costs.

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