US-Iran Clashes Send Oil Prices Soaring Past $90

Crude oil prices surged on Monday after US-Iran strikes resumed over the Strait of Hormuz, raising concerns about disruptions to global oil supplies. Brent crude futures rose $2.21, or 2.51 per cent, to $90.31 per barrel as of 0436 GMT.

The escalation began on Sunday when the US struck Iranian rocket launchers on Larak Island in the Strait of Hormuz. Iran retaliated early Monday with missile and drone attacks on US bases in Jordan, according to state-run IRNA.

US forces are monitoring the area closely and remain prepared to protect the free flow of commerce through this essential waterway, Captain Tim Hawkins, a spokesperson for US Central Command, said.