Commodities
US Strikes Iranian Rocket Launchers, Oil Prices Surge
The US military has taken action against Iran for the first time in over a month. On Sunday, the US launched strikes on Iranian rocket launchers that were being prepared to deploy mines into the Strait of Hormuz.
The move comes after weeks of relative calm and follows the Trump administration's strategy of applying pressure to force Iran back to the negotiating table. US Central Command spokesman Tim Hawkins stated that Islamic Revolutionary Guard Corps forces were preparing to use rockets to deploy mines into the strait.
Oil prices surged in response to the news, with Brent crude futures for November delivery rising 1.8% to $89.66 per barrel and WTI crude for October delivery climbing 1.6% to $84.77 per barrel.