US-Iran Tensions Send Oil Prices Soaring Amid Fresh Attacks
US-listed energy stocks surged in premarket trading Monday after American forces struck an Iranian island, driving oil prices higher.
The attack on Iran's Larak Island in the Strait of Hormuz sparked a more than 2% jump in oil prices, with West Texas Intermediate crude rising to $91.20 a barrel and Brent crude gaining 3.5% to $86.30 a barrel.
Energy stocks followed suit, with major players such as ExxonMobil and Chevron leading the charge. ExxonMobil shares rose 1.7%, while Chevron's stock gained 1.5%. Oilfield services firm Schlumberger climbed 2.5%, and refiners Marathon Petroleum and Valero Energy participated in the rally.
The US Treasury Secretary Scott Bessent hinted at further sanctions against Iran, stating that Washington would roll out new secondary sanctions on a weekly basis going forward.