US-Iran Conflict Escalates Again, Oil Prices Soar
The conflict between Iran and the US has escalated again, driving oil prices up by over 3.5% after both countries resumed hostilities on Sunday.
US forces targeted two Iranian launchers on Larak Island, located about 660km east of Kharg Island, which is a key hub for Iran's oil exports.
The US military claims it attacked the launchers because they were preparing to launch rockets with sea mines into the Strait of Hormuz, a vital shipping route that handles around a fifth of global crude oil shipments.
In response, Iran struck two US bases in Jordan, according to Iranian media. Two people were killed and others injured in the attack on Larak Island.
Iranian President Masoud Pezeshkian says his country is still seeking a negotiated solution to the conflict with the US, which resumed hostilities for the first time since late July.