Oil prices rose after the US and Iran exchanged attacks over the weekend, reviving concerns that a prolonged confrontation could disrupt crude supplies through the Strait of Hormuz. Brent crude gained 0.6% in Asian trading on September 6, Bloomberg reported. Iran said it attacked three tankers using unauthorized routes through the strait, as well as several US-linked vessels, in retaliation for what it described as a US strike on an Iranian tanker. The Islamic Revolutionary Guard Corps (IRGC) did not disclose the extent of any damage and later said it struck a US Navy drone and an unmanned surface vessel. Mohsen Rezaei, one of Iran’s top security officials, said a new restricted zone outside the strait would be declared within days. Markets are also watching whether higher energy prices could renew inflation pressures and strengthen expectations for a Federal Reserve rate increase on September 16. Attention is shifting to Friday’s August consumer price index report after stronger-than-expected US jobs data lifted rate-hike bets. Asian markets were relatively subdued, while the yen traded near 156 per dollar after rising 2.4% last week on expectations for consecutive Bank of Japan rate increases and the unwinding of carry trades.