Commodities
US Strikes Iranian Launchers Near Strait of Hormuz, Oil Prices Soar
The US military launched strikes against two Iranian launchers on Larak Island, near the strategic Strait of Hormuz, after observing preparations to deploy rockets carrying sea mines into the waterway.
The attack has sent oil prices surging, with Brent crude rising above $91 per barrel and West Texas Intermediate climbing above $86 in early trading. This comes as markets price in renewed supply risk due to the escalating conflict.
Larak Island's location allows Iran to monitor and potentially threaten vessels entering and leaving the Persian Gulf, where approximately one-fifth of the world's oil supply passes through.