Oil Prices Surge as US-Iran Conflict Escalates

Oil prices surged more than $1 per barrel on Monday after a US attack on Iran's Larak island in the Strait of Hormuz, sparking a retaliatory strike from Tehran.

The incident marks the latest escalation in the conflict between the two nations, which has been ongoing for six months.

Brent crude futures rose by $1.08, or 1.23%, to $89.18 per barrel as of 0040 GMT, while US West Texas Intermediate crude climbed by 92 cents, or 1.10%, to $84.32 per barrel.

The attack on Larak island was the first known American strikes on Iran since late July, and Iranian media reported that Tehran retaliated by targeting two US air bases in Jordan.