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Commodities

Oil Prices Surge as US Strikes Iranian Rocket Launchers

Guavy AI Editorial Team
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Oil
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The US military's strike on Iranian rocket launchers in the Strait of Hormuz has sent oil prices surging about 3%.

Brent crude, the international standard, rose to $90.62 per barrel early Monday, a 2.9% increase from last week's closing price.

US benchmark crude oil jumped 2.7% to $85.62 per barrel.

The escalation of tensions in the Middle East has added a 'war premium' to oil prices, said Stephen Innes of SPI Asset Management.

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