WASHINGTON (AURN News) — Oil prices are climbing again as the new week begins, adding more pressure across the economy. As of Monday afternoon, oil surged to more than $114 a barrel.
The increase comes after Iran claimed it struck a naval vessel in the Strait of Hormuz, even as a ceasefire with the United States remained in place.
The Strait is a critical route for global oil shipments, and any disruption there can quickly impact prices.
The spike comes as the economy is already dealing with fallout from rising fuel costs.
Spirit Airlines recently ceased operations after more than 30 years in business following long-term financial struggles and a failed effort to secure funding.
Rising fuel costs tied to the conflict with Iran added additional pressure, contributing to the airline’s collapse.
Click play to listen to the AURN News report from Jamie Jackson:
