Oil Prices Surge Following US Strike on Iranian Island

Oil prices saw a significant increase today, Monday, climbing by approximately two dollars per barrel, following a US attack on an Iranian island located in the Strait of Hormuz, which provoked a response from Tehran. These developments unfold as the conflict in the Middle East enters its sixth month. Brent crude futures rose by $2.08, or 2.36%, reaching $90.18 per barrel by 04:17 GMT. Similarly, US West Texas Intermediate (WTI) crude stood at $85.07 per barrel, increasing by $1.67, or 2%. US forces had targeted two launch platforms on Iran's Lark Island in the Strait of Hormuz last Sunday, marking the first known American strikes on Iranian territory since late July. In response, Tehran, according to Iranian media citing the Revolutionary Guard, launched an attack on two US airbases in Jordan today, Monday.