Commodities
US Strike Sends Oil Prices Soaring Past $90 a Barrel
Oil prices surged on Monday after a US strike on Iranian launchers in the Strait of Hormuz, with Brent crude breaching $90 a barrel for the first time since the start of the year.
The attack on Sunday night targeted two Iranian missile systems on Larak Island, which lies at the entrance to the strategic waterway that separates Iran from Oman.
Brent futures jumped 2.52% to reach $90.32 a barrel, while US crude West Texas Intermediate (WTI) rose 2.41% to $85.41 a barrel.
The heightened tensions between the US and Iran have sparked concerns over shipping safety in the Strait of Hormuz, one of the world's most important energy corridors.