Oil prices soared early Monday amid intensifying military conflict between Iran and Israel, with Brent crude jumping 5.5 per cent in Asian trading. The strikes near Iran’s South Pars gas field and potential disruption to the Strait of Hormuz have fuelled investor anxiety,

U.S. consumer prices rose slightly in May as gasoline prices remained subdued, but inflation is likely to pick up in the months as tariffs boost the cost of imported goods.

Oil futures jumped as the market reopened Sunday night, building on last week’s surge after Israel attacked Iranian energy facilities over the weekend and underlining fears around potential disruption...