Brent Crude Surges to $90.47 as Iran-US Conflict Escalates

Oil prices surged on Monday as tensions between the US and Iran escalated, with Brent crude futures rising 2.69% to $90.47 a barrel.

The price hike came after renewed military attacks between Washington and Tehran, with the US striking two Iranian launchers on Larak Island in the Strait of Hormuz on Sunday.

Iran retaliated by attacking two US air bases in Jordan, according to reports from the Islamic Revolutionary Guard Corps.

The conflict has raised concerns over the security of the Strait of Hormuz, a crucial global oil shipping route, and its impact on crude production and exports.

US Treasury Secretary Scott Bessent stated that Washington's sanctions on Iran are aimed at pressuring Tehran into negotiations, adding 'to create the conditions they will want to come to the table' for talks.