US-Iran Conflict Sends Oil Prices Soaring, But Gains Remain Limited

A resumption of military strikes between the U.S. and Iran has led to a surge in oil prices, but gains were modest due to the limited nature of the conflict.

Brent rose by 2.8 percent to $90.59 per barrel on Monday, while West Texas Intermediate hovered at about $86 per barrel.

Josh Owens, an energy analyst at Oilprice.com, stated that Brent's move back above $90 is significant but prices remain well below earlier levels seen during the war.

The skirmish between the U.S. and Iran resumed after the latter was caught deploying rocket launchers on Larak Island to send mines into the Strait of Hormuz on Sunday.