US Attack on Iranian Island Sends Oil Prices Soaring

Oil prices surged on Monday after the US attacked an Iranian island in the Strait of Hormuz, drawing retaliation from Tehran. The conflict in the Middle East has now entered its sixth month.

Brent crude futures climbed $2.51, or 2.85%, to $90.61 a barrel as of 0241 GMT while US West Texas Intermediate crude was at $85.53, up $2.13, or 2.55%. The US forces struck two launchers on Iran's Larak island in the Hormuz strait on Sunday.

In response to the attack, Iran hit back by targeting two US air bases in Jordan. Market analyst Tony Sycamore said that the conflict has entered a new escalation phase and it is impossible to determine how long it will last.