Iran Fires Ballistic Missiles at US Bases in Jordan, Oil Prices Surge

The tensions between Iran and the US have escalated as Iran has fired ballistic missiles at US bases in Jordan, causing oil prices to surge back above $90 a barrel. The attack on the King Hussein and Al Azraq bases used by US forces in Jordan was carried out by the Islamic Revolutionary Guard Corps, which had promised retaliation for the US strike against two Iranian launchers on Larak Island beside the Strait of Hormuz.

The US said that nearly all incoming missiles were intercepted and there was no significant impact. However, strategically, something important has changed as the US and Iran are now exchanging fire again after weeks of diplomatic efforts to resolve the crisis.

Oil prices jumped almost 3% during Monday trading in Asia, reaching around $90.60 a barrel for Brent crude. The price had been trading around the mid-to-high $80s just days ago as markets anticipated negotiations involving Iran, Oman, and other intermediaries might eventually restore normal shipping through Hormuz.

A tanker was attacked on Saturday while traveling inbound through Hormuz, according to the United Kingdom Maritime Trade Operations. No casualties were reported, but this is not an isolated incident - it's the third tanker attacked in the Strait within a week.