Surging crude may lift US shale while stoking inflation and economic pressure at home. Oil traders are bracing for disruptions to the Strait of Hormuz after the US and Israel struck Iranian targets over the weekend, putting at risk the waterway that carries about one-fifth of the world's oil.

As U. S. oil prices dropped below $60 a barrel in recent months, the industry shed rigs by the dozens and laid off crews that frack wells.