US Strike on Iran's Larak Island Sends Oil Prices Soaring

Singapore saw oil prices surge more than 2% on Monday after US forces struck Iranian launchers on Larak Island in the Strait of Hormuz, a strategic chokepoint for global oil shipments.

The attack led to Brent crude futures climbing $2.22, or 2.52%, to $90.32 a barrel by 2202 GMT while U.S. West Texas Intermediate crude was at $85.41 a barrel, up $2.01, or 2.41%.

Larak Island is situated in the Strait of Hormuz, where about one-fifth of global oil passes through. The region has been a flashpoint for price spikes, with Brent previously surpassing $120 when the strait was shut earlier this year.