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Commodities

Oil Prices Soar on US-Iran Conflict Escalation

Guavy AI Editorial Team
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Oil
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Oil prices surged more than 3% on Monday after the US and Iran engaged in military attacks for the sixth consecutive month.

The US launched airstrikes against two Iranian launchers on Larak Island in the Strait of Hormuz, prompting a retaliatory strike by Iran against two US air bases in Jordan.

Brent crude futures rose to $90.97 a barrel, while US West Texas Intermediate (WTI) crude climbed to $86.31 after being up 3.26% and 3.49%, respectively.

UBS analyst Giovanni Staunovo attributed the price increase to concerns over oil supply disruptions and the potential for further military action in the region.

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