Brent Crude Oil Prices Surge as US Strikes Iranian Rocket Launchers

The price of Brent crude oil has reclaimed $90 per barrel after a U.S. military strike on Iranian rocket launchers in the Strait of Hormuz.

The strike, which was confirmed by Captain Tim Hawkins of U.S. Central Command, targeted two Iranian rocket launchers that were preparing to lay mines in the shipping channel.

Brent crude oil prices surged 2.93% on Monday, with the November contract holding above $90 and West Texas Intermediate near $86.

The move marks a significant reversal from last week's decline, when Brent settled at $89.31 and WTI fell to $83.40.

The market had positioned for de-escalation, expecting an economic and sanctions confrontation rather than an imminent threat to physical supply.