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US Strikes Larak Island, Oil Prices Rise Amid Supply Fears

Guavy AI Editorial Team
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The US has launched airstrikes on Larak Island in the Strait of Hormuz, targeting Iranian targets. This move comes after weeks of renewed clashes between the two nations.

Oil prices have risen by about 2% amid concerns over supply disruptions and tensions in the region. Brent crude futures are trading at $92.66 a barrel, up from their previous price of $90.49.

The Iranian Foreign Ministry has rejected US President Donald Trump's threat of an 'economic D-Day', calling it a return to 'classic colonialism'. The ministry also warned that those who implement levies on ships transiting the strait are liable to prosecution and punishment.

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