Oil prices have edged higher as tensions between the United States and Iran escalate over the Strait of Hormuz, with Tehran saying it targeted three oil tankers and several American-linked vessels in retaliation for US strikes on Iranian tankers.
The escalation comes as US markets remain closed for the Labor Day holiday, with traders already rattled by Friday's far stronger-than-expected jobs report, which raised the prospect of a Federal Reserve interest rate rise this month.
US President Donald Trump responded to the jobs data by demanding the Fed cut rates instead, threatening to halt trade with countries with which the United States runs a deficit.
Jagruti Dave reports from Washington.
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Reporter Jagruti Dave in Washington says the war with Iran and rising oil prices are compounding the inflationary pressures facing the Federal Reserve as it weighs whether to raise interest rates.
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