US-Iran Conflict Sends Oil Prices Soaring Above $90 Per Barrel

Oil prices surged above $90 per barrel on Monday following a fresh escalation in the US-Iran conflict. The rise came after the United States said it had attacked Iranian rocket launchers on a small island in the Strait of Hormuz, marking its first strikes on Iran in a month.

Brent crude, the international benchmark, climbed 2.5% to $90.26 per barrel, while West Texas Intermediate rose 2.5% to $85.51 per barrel at around 1330 GMT.

The renewed fighting raised concerns about the conflict in the Gulf and its impact on global oil supplies. The Strait of Hormuz, through which a fifth of global crude oil and gas passes, has remained largely closed due to ongoing hostilities.