US-Iran Strikes Send Oil Prices Soaring Above $90 Per Barrel
Oil prices surged above $90 per barrel on Monday amid escalating tensions between the United States and Iran. The US-Iran conflict is raising concerns over regional energy supplies.
The West Texas Intermediate (WTI) crude price rose by $1.69, or 2.03%, to reach $85.09 a barrel, while Brent crude climbed $2.07, or 2.35%, to hit $90.17 per barrel.
The latest military exchanges between Washington and Tehran began with a US strike on Iranian forces on Larak Island in the Strait of Hormuz. Iran retaliated by launching ballistic missile attacks against two US military positions in Jordan, according to reports from Iranian media.
The strikes targeted the King Hussein and Al Azraq bases, as per Iranian state media. The American operation involved a drone strike on Larak Island, which caused casualties among Iranian personnel and civilians, the IRGC warned that Tehran would respond.