Oil Prices Soar as US Strikes Iran's Larak Island Missile Launchers

Oil prices surged on Monday after a US military strike targeted two Iranian missile launchers on Larak Island, marking a renewed direct confrontation between Washington and Tehran.

Brent crude futures for September delivery rose 2.7% to settle at $90.49 per barrel, while US West Texas Intermediate (WTI) crude futures climbed 2.8% to settle at $85.76 per barrel.

The US Central Command confirmed the strike, stating that 'US forces earlier today targeted two Iranian missile launchers on Larak Island,' adding that Islamic Revolutionary Guard Corps forces were preparing to launch missiles equipped with naval mines toward the Strait of Hormuz.