Oil Prices Soar After US Strike on Iran's Larak Island

The oil price surged after the US launched an attack on Iran's Larak Island in the Strait of Hormuz, drawing retaliation from Tehran.

The strike on Monday marked the first known American attack on Iranian territory since late July, escalating a conflict that has been ongoing for six months and periodically rattling energy markets.

Brent crude futures climbed 1.23 percent to $89.18 per barrel, while US West Texas Intermediate crude rose 1.10 percent to $84.32.