Oil Prices Soar on U.S.-Iran Conflict in Strait of Hormuz

Oil prices surged over 2% on Monday after U.S. military operations targeted Iranian launchers on Larak Island in the Strait of Hormuz.

This marked the first direct American strikes against Iran since late July, with Brent crude futures gaining $2.21, or 2.51%, to reach $90.31 per barrel, while U.S. West Texas Intermediate (WTI) crude jumped $1.83, or 2.19%, to $85.23 a barrel.

The sharp uptick in oil prices reflects concerns around escalating conflict amid a region critical to global oil shipments.

The U.S. attack targeted two Iranian missile launchers, and Iranian Revolutionary Guard sources claimed to have struck two U.S. airbases in Jordan, signaling a continuation of hostilities now entering their sixth month.