Oil Prices Surge as U.S. and Iran Exchange Strikes

AI Summary

Oil prices climbed sharply after the U.S. conducted airstrikes on Iranian rocket launchers inside the Strait of Hormuz, with Iran retaliating by attacking U.S. bases in Jordan. Brent and WTI futures rose significantly amid this renewed escalation between the two countries.

Oil prices climbed in early Asian trade on Monday after the U.S. struck Iran for the first time in over a month, with Iran then retaliating against U.S. bases in Jordan. At the time of writing, WTI front-month futures were trading at $85.46 per barrel, up 2.47%, while Brent front-month futures had climbed 2.71% to $90.49 per barrel. The latest escalation started on Sunday when U.S. forces struck two Iranian rocket launchers on Larak Island, which sits inside the Strait of Hormuz. According to a U.S. Central Command spokesperson, the attack came…