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Commodities

US Strikes on Iranian Launchers Spark Oil Price Rally

Guavy AI Editorial Team
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Oil
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Oil prices surged on Monday after US forces launched an operation against two Iranian launchers on Larak Island, located near the Strait of Hormuz. This move has revived concerns about disruptions to energy flows through the waterway.

The November futures contract rose by 1.7% to $89.62 per barrel, while West Texas Intermediate crude futures gained 1.6% to $84.69 per barrel.

A US official stated that Islamic Revolutionary Guard Corps forces were observed preparing to launch rockets carrying sea mines into the strategic waterway.

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