US-Iran Conflict Sparks Oil Price Spike

Oil prices surged over $1 per barrel on Monday following a US attack on Iran's Larak island in the Strait of Hormuz.

The assault, which occurred on Sunday, marked the first known American strikes on Iranian soil since late July.

Iran retaliated by attacking two US air bases in Jordan, according to reports from the country's Revolutionary Guards.

Brent crude futures rose $1.08, or 1.23%, to $89.18 a barrel as of 0040 GMT, while U.S. West Texas Intermediate crude increased by $0.92, or 1.10%, to $84.32.