Oil Prices Soar as US Strikes IRGC Targets Amid Escalating Tensions with Iran
Oil prices surged on Tuesday after US military strikes against Iran's Islamic Revolutionary Guard Corps (IRGC) targets, amid escalating tensions between the two sides.
The US Central Command said it had launched limited and precise action against IRGC forces laying mines in the Strait of Hormuz. Iran retaliated by striking a US Marine base in Jordan with ballistic missiles, state media reported.
President Donald Trump stated that the latest strikes were in response to the minelaying attempt and the attack on the Jordan military base. He warned that if Iran retaliates further, they will be hit again at a much harder level.
The price of November crude oil jumped 5% to settle at $95.05 a barrel, while October crude oil climbed 5.7% to settle at $90.68 a barrel.