US Strikes Iranian Targets Near Strait of Hormuz, Sending Oil Prices Soaring

The US military launched strikes against Iranian targets near the Strait of Hormuz on Tuesday, sending oil prices soaring.

According to CENTCOM, U.S. forces began striking Islamic Revolutionary Guard Corps (IRGC) targets in Iran at noon on Tuesday.

The strikes follow recent attempts by the IRGC to attack commercial shipping in the Strait of Hormuz and against American service members deployed to the region.

Oil prices climbed sharply, with Brent rising 3.9% to $93.96 a barrel and WTI adding 4.5% to $89.61 per barrel. The United States Oil Fund (USO) also gained around 4.8%.