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Oil Prices Surge Amid Latest Escalation in Middle East Conflict

Guavy AI Editorial Team
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Oil prices surged on Monday after the US launched an attack on Iran's Larak island in the Strait of Hormuz, prompting a retaliatory strike from Tehran.

The Brent crude futures jumped $1.08, or 1.23%, to $89.18 a barrel as at 0040 GMT, while US West Texas Intermediate crude rose by 92 cents, or 1.10%, to $84.32.

This is the latest escalation in the Middle East conflict, which has been ongoing for six months. The attack on Larak island was the first known American strikes on Iran since late July.

Iran responded by attacking two US air bases in Jordan, according to Iranian media citing the Revolutionary Guards.

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