Oil Prices Soar on US Strikes Against Iran

Oil prices surged on Thursday after the United States launched a 'heavy wave' of strikes against Iran in retaliation for its missile attacks on American forces in the region. The strikes, which targeted dozens of Islamic Revolutionary Guard Corps sites across Iran, have raised concerns about further escalation and disrupted shipping through the Strait of Hormuz.

Brent crude futures gained 1.5% to $92.10 a barrel, while U.S. West Texas Intermediate futures advanced 0.9% to $85.23 per barrel. The increase in oil prices comes as the conflict between the United States and Iran has whipsawed oil markets since fighting erupted in late February.

The U.S. had halted two weeks of fire against Iranian targets last weekend, but President Trump telegraphed the retaliation hours earlier, warning that the U.S. would 'hit them hard.' The operation was described as a 'powerful response' to Tuesday's attempted Iranian attacks on U.S. forces in the Middle East.