US-Iran Strikes Send Oil Prices Soaring Above $90 a Barrel

Oil prices surged by 3% on Monday to over $90 a barrel after the US and Iran exchanged strikes for the first time in a month.

The sudden escalation of hostilities led to a significant increase in Brent crude oil futures, jumping 2.20% to $90.29 a barrel, while West Texas Intermediate rose 2.25% to $85.65.

The US launched strikes on Iran's Larak Island after allegedly observing the Islamic Revolutionary Guard Corps setting up underwater mines in the Strait of Hormuz, a crucial maritime route for oil supplies.

Iran retaliated with an attack aimed at US forces stationed in Jordan, but nearly all incoming missiles were intercepted with little to no impact on the ground.