US Strikes Send Oil Prices Soaring Amid Gulf Tensions

Oil prices surged on Wednesday after reports emerged that US forces had fired on Iranian rocket launchers in the Strait of Hormuz, a key maritime route.

The reported strikes have caused an immediate impact on oil markets, with futures gaining more than two per cent at the open.

Gillian Bowen from CommSec noted that 'there has been an impact on oil prices ... at the open, futures gained more than two per cent' due to the US actions.