US Strike on Iran Sends Oil Prices Soaring Amid Strait of Hormuz Tensions

A US strike on Iranian launch sites in the Hormuz Strait has sent oil prices up by 1% as tensions escalate between Washington and Tehran.

The attack, which occurred on Sunday, targeted two rocket positions on Larak Island after US forces spotted Islamic Revolutionary Guard Corps (IRGC) units preparing to deploy sea-mine-laden rockets into the strait.

Navy Capt. Tim Hawkins, a US Central Command spokesperson, confirmed the strike in a statement, saying 'I can confirm that earlier today U.S. forces struck two Iranian launchers on Larak Island. Islamic Revolutionary Guard Corps forces were observed preparing to launch rockets with sea mines into the Strait of Hormuz.'

Tehran responded swiftly to the attack, firing ballistic missiles at a US airbase in Jordan within hours.

The clash has severely threatened commercial operations through the Strait of Hormuz, a critical artery for international fuel supplies. Shipping registers showed that visible commodity vessels navigating the route dropped to just five a day over the weekend.