Brent Surges Past $90 as US-Iran Conflict Escalates

Oil prices surged more than 2 percent in early trading on Monday, with Brent futures crossing the $90 mark after the US and Iran exchanged strikes for the first time in over a month.

Brent crude futures rose to $90.53 a barrel, breaking through the $90 barrier for the first time in nearly two weeks, while US West Texas Intermediate crude climbed 2.41 percent to $85.41 a barrel.

The escalation came after US forces attacked two Iranian launchers on Larak Island, which sits in the Strait of Hormuz, the key waterway for Gulf energy exports, according to a statement from US Central Command spokesman commander Tim Hawkins.