Commodities
US Strikes Iranian Island, Sends Oil Prices Soaring Over 1%
Oil prices surged over 1% after the US launched an attack on an Iranian island in the Strait of Hormuz, prompting retaliation from Tehran and escalating the Middle East conflict.
The Brent crude futures jumped $1.08 or 1.23%, to $89.18 per barrel while US West Texas Intermediate (WTI) crude futures advanced 92 cents or 1.10% to $84.32 per barrel.
The attack, which took place on Sunday, marked the end of several weeks of relative calm in the region and has sent oil prices soaring.