US Strikes Iranian Sites, Sending Oil Prices Soaring

Oil prices surged more than 4% on Tuesday after the US struck Iranian Revolutionary Guard Corps sites in southern Iran, marking its first attacks on the mainland since July.

The strikes were carried out in response to Iranian missile attacks on commercial ships, including two supertankers carrying Saudi oil that were hit while attempting to exit the Strait of Hormuz.

Brent crude rose by 4.33% to $94.42 per barrel as of 2 p.m. EDT, after peaking at $94.48 earlier.

US officials said the strikes targeted sites around the southern Iranian port of Bandar Abbas, Chabahar, and on Qeshm Island in the Strait of Hormuz.