US Attack on Iran's Larak Island Sends Oil Prices Soaring

Oil prices surged more than 2% on Thursday after reports of a US attack on Iran's Larak island.

The assault, which was carried out by the US military, targeted Iranian facilities and resulted in an unspecified number of casualties. The incident has sparked concerns about potential disruptions to global oil supplies and led to a significant increase in crude prices.

Oil futures contracts for June delivery rose 2.1% to $70.83 per barrel on the New York Mercantile Exchange, while Brent crude futures gained 2.3% to $75.47 per barrel on the Intercontinental Exchange.