US Strike on Iranian Rocket Launchers Boosts Oil Prices

Oil prices surged on Monday after US forces struck two Iranian rocket launchers on Larak Island, marking a return to combat between Washington and Tehran.

The attack killed and wounded several Iranian soldiers, according to Iran's Revolutionary Guards Corps. The US Central Command confirmed the strike, stating that 'Islamic Revolutionary Guard Corps forces were observed preparing to launch rockets with sea mines into the Strait of Hormuz.'

Vessels in the Strait of Hormuz have been severely disrupted by the Middle East conflict, which has entered its sixth month.

Tamas Varga, an analyst at PVM Oil Associates, warned that 'supply risk will persist and oil inventories will continue to deplete in the coming weeks and months.'