U.S. oil prices extended their summer rally and ended the week 16% higher at $82.49 a barrel, as producers from the Middle East to West Texas bet against the Strait of Hormuz [returning to normal](

For decades, OPEC influenced the market by how much oil it produced. But China, the largest importer, is demonstrating its remarkable power over prices.

Oil prices are climbing Monday following a weekend of attacks in the Middle East, while more losses for computer chipmakers and

Oil prices extended gains in early U.S. trade, with Brent crude up 2.1% and WTI futures rising 2.4%.

Asian shares are mostly higher, tracking a rally on Wall Street following a report that showed U.S. inflation was not as bad last month as economists expected.

Oil prices eased as traders weighed escalating tensions between the United States and ​Iran and the risks to oil ​supplies moving through the ​Strait of Hormuz.

The price of crude oil surged again with benchmark Brent rising for a second straight day to more than $87 per barrel, and U.S. crude blowing past $80.

Stocks fall and oil prices rally, while government bond yields rise, after US and Iranian forces renewed exchanges of heavy missile and drone assaults, with Tehran saying it had again closed the vital Strait of Hormuz.