US Strikes on Iran Send Oil Prices Soaring

Oil prices surged more than 2% on Monday after the US attacked an Iranian island in the Strait of Hormuz, prompting retaliation from Tehran. The conflict in the Middle East has now extended into its sixth month.

Brent crude futures rose $1.08, or 1.23%, to $89.18 a barrel at 0040 GMT, while U.S. West Texas Intermediate crude was up 92 cents, or 1.10%, to $84.32 a barrel.

US forces struck two launchers on Iran's Larak island in the Hormuz strait on Sunday, the first known American strikes on the Gulf nation since late July.

In response, Iran attacked two US airbases in Jordan, according to Iranian media citing the Revolutionary Guards.