US Strikes on Iran Send Oil Prices Soaring Again
Oil prices surged more than $1 per barrel on Monday following US military strikes against an Iranian island in the Strait of Hormuz. The move, which marked the first known American attack on Iran since late July, drew retaliation from Tehran and further escalated tensions in the region.
The Brent crude futures price jumped 1.23% to $89.18 a barrel, while US West Texas Intermediate crude rose by 1.10% to $84.32 a barrel at 0040 GMT on Monday.
US forces targeted two launchers on Iran's Larak island over the weekend, prompting Iranian media to report that Tehran had retaliated against two US air bases in Jordan.
IG market analyst Tony Sycamore noted that technical charts indicate oil prices could continue to rise if WTI breaks through resistance at $85.80 to $85.90 a barrel, potentially reaching last week's high of $87.69 and even July's peak of $93.50.