Iran-US Conflict Sparks Oil Price Spike Amid Ongoing Tensions

Oil prices rose nearly 2% on Monday after a renewed military confrontation between the US and Iran, which has been ongoing for six months.

The conflict escalated when the US attacked Iranian launchers on Larak Island in the Strait of Hormuz, prompting Tehran to retaliate with strikes against two US air bases in Jordan.

Brent crude futures climbed $1.77 to $89.87 a barrel, while US West Texas Intermediate crude was at $84.85, up $1.45 or 1.74%.

Negotiations to end the conflict have stalled, and experts believe that oil prices will remain rangebound in the $85-95 per barrel range unless more clarity emerges on the situation in the Strait of Hormuz.