Commodities
Oil Prices Soar on US-Iran Conflict Escalation
Oil prices surged over 3% on Monday after the US attacked an Iranian island in the Strait of Hormuz and Iran retaliated, extending their conflict into its sixth month.
Brent crude futures rose $3.15 to $91.25 a barrel, while US West Texas Intermediate crude climbed $2.96 to $86.36 as tensions between the two nations heightened.
US forces struck two launchers on Iran's Larak Island in the Strait of Hormuz on Sunday, prompting Iranian retaliation against two US air bases in Jordan, according to Iranian media.
UBS analyst Giovanni Staunovo attributed the price increase to 'renewed military strikes in the Middle East and concerns of further oil supply disruptions', saying markets will now focus on whether the situation de-escalates or not.