Commodities
US Strikes on Iran Spark Oil Price Surge
Oil prices surged in Asian trade on Monday after US forces struck two Iranian launchers on Larak Island, reviving concerns over disruptions to energy flows through the Strait of Hormuz.
The gains followed a US military operation on Sunday against the two launchers, marking the first known American strikes on Iran since late July. A US official said Islamic Revolutionary Guard Corps forces had been observed preparing to launch rockets carrying sea mines into the strategic waterway.
Brent crude rose 1.7% to $89.62 per barrel as of 20:07 ET, while WTI gained 1.6% to $84.69 per barrel.