US Strikes on Iran Send Oil Prices Soaring
Oil prices surged more than 2% on Monday following a US attack on Iran's Larak island in the Strait of Hormuz. The US strikes drew retaliation from Tehran, extending the conflict in the Middle East into its sixth month.
Brent crude futures climbed $2.51 to $90.61 a barrel, while US West Texas Intermediate crude rose by $2.13 to $85.53 a barrel.
US forces struck two launchers on Iran's Larak island, marking the first known American strikes on the Gulf nation since late July.
In response, Iran attacked two US air bases in Jordan, according to Iranian media citing the Revolutionary Guards.
Negotiations to end the conflict remain at an impasse, while mediators work to reopen the Strait of Hormuz. The strait is a critical shipping route through which a fifth of the world's oil flows.