Oil Prices Spike as US-Iran Conflict Escalates Again
Oil prices surged more than 3% on Monday after a US attack on Iran's Larak Island in the Strait of Hormuz. The conflict between the two nations has now entered its sixth month, and markets are concerned about further oil supply disruptions.
The US struck two launchers on Larak Island on Sunday, prompting Iran to retaliate by attacking two US air bases in Jordan, according to Iranian media. Brent crude futures rose $2.87, or 3.26%, to $90.97 a barrel at 1120 GMT, while UBS analyst Giovanni Staunovo said the situation is 'renewed military strikes in the Middle East and concerns of further oil supply disruptions'.
The UK Maritime Trade Operations agency reported that a tanker had been struck by a projectile while entering the Strait of Hormuz on Saturday. US Treasury Secretary Scott Bessent told Reuters that the US was likely to impose new secondary sanctions on Iran every week.