Oil Prices Soar as US-Iran Conflict Intensifies

Crude oil prices surged more than 3% to above $86 a barrel on Monday as tensions in the Middle East escalated. The US and Iran exchanged strikes for the first time in roughly a month, with new concerns emerging over shipping through the Strait of Hormuz.

US forces targeted Iranian rocket launchers reportedly preparing to deploy mines in the strategic waterway, while Iran claimed attacks on US bases in Jordan.

Tehran also reported that a supertanker attempting to cross Hormuz's southern route had struck two mines, although this incident has not been independently confirmed.

Oil prices have gained around 2% in August, following a sharp 22% increase in July, as markets continue to react to shifting prospects for an end to the conflict.