Commodities
Oil Prices Surge Amid Escalating US-Iran Conflict
Oil prices surged over 1% on Monday after US forces struck an Iranian island in the Strait of Hormuz, sparking fears of a disruption to global oil supplies.
The attack on Larak Island by US forces on Sunday marked the first known American assault on Iran since late July. In response, Iranian media reported that Tehran had launched retaliatory strikes against two US air bases in Jordan.
Brent crude futures rose $1.08 (1.23%) to $89.18 a barrel, while US West Texas Intermediate (WTI) climbed 92 cents (1.10%) to $84.32 by 12:40am GMT.
Market analyst Tony Sycamore warned that the latest escalation could have long-term implications for oil prices, saying 'Could be days, could be weeks' before the situation stabilizes.