Oil Prices Skyrocket Amid Fresh US-Iran Confrontation
Oil prices surged on Monday after hostilities between the US and Iran flared up again over the weekend.
Brent crude, the international benchmark, jumped more than 5.50% to just below $91 a barrel at 8:37 a.m. ET, while West Texas Intermediate, the US benchmark, gained 3.47% to reach $86.29 at the same time.
The recent escalation began when US forces claimed they targeted two Iranian rocket launchers on Larak Island, alleging that Iranian forces were preparing to launch rockets carrying sea mines into the Strait of Hormuz.
'Last week, CENTCOM completed clearing sea mines from the strait's international shipping routes. U.S. forces are monitoring the area closely and remain prepared to protect the free flow of commerce through this essential waterway,' said US Central Command spokesperson Tim Hawkins in a statement.