US-Iran Tensions Spark Oil Price Surge Amid Strait of Hormuz Concerns

Oil prices surged on Monday due to renewed hostilities between the United States and Iran near the Strait of Hormuz. The confrontation led to worries about possible interruptions to crude flows through the critical maritime passage.

Brent crude futures gained $2.33, settling at $90.15 per barrel, while US West Texas Intermediate crude moved up $1.99 to $85.06.

The uptick followed a Sunday strike by US forces on Iranian rocket launchers positioned on Larak Island within the Strait of Hormuz, which led Iran to respond against American troops in the area.