US Strike on Iranian Launchers Sends Oil Prices Soaring
Oil prices surged on Monday following a US strike on Iranian launchers near the Strait of Hormuz, a critical artery for global oil shipments. The attack targeted rocket launchers intended to deploy sea mines in the strait, which could have disrupted oil supply.
The November Brent crude futures price climbed by around 2.5% to trade above $90 a barrel, while West Texas Intermediate (WTI) crude rose over 2% past the $85 mark. This marks the first direct US strike on Iranian positions since late July and has injected new volatility into oil prices.
Analysts point out that the key question now hinges on whether this event sparks further confrontations that might make shipping through the Strait of Hormuz riskier. Recent weeks had seen a growing comfort among oil shippers as about five million barrels per day continued traversing the strait unabated.