US Strike on Iranian Island Boosts Crude Oil Futures

Crude oil futures rose on Monday morning following a US military attack on an Iranian island in the Strait of Hormuz. The move sparked concerns about potential disruptions to global energy flows.

At 9:33 am on Monday, December Brent oil futures were trading at $90.18, up by 4.71%, while October WTI crude oil futures were at $85.09, up by 2.03%. On the Multi Commodity Exchange (MCX), September crude oil futures rose to ₹8,125 from the previous close of ₹7,984, a gain of 1.77%.

The US Central Command stated that its forces had taken 'limited, precise action' against Iranian Revolutionary Guard Corps (IRGC) minelaying forces posing an imminent threat in the Strait of Hormuz. The move was described as a measure to protect civilian mariners and commercial shipping from potential disruptions.