Oil Prices Rise as U.S. and Iran Exchange Military Strikes
Source Summary
Oil prices surged in early Asian trading Monday following U.S. strikes on Iranian rocket launchers on Larak Island in the Strait of Hormuz and subsequent Iranian retaliation against U.S. bases in Jordan. WTI front-month futures rose 2.47% to $85.46 per barrel, while Brent front-month futures climbed 2.71% to $90.49 per barrel. The escalation marks the first U.S. military action against Iran in over a month.
Why it matters
Military escalation in the Middle East directly affects global oil supply and prices, with the Strait of Hormuz being a critical chokepoint for world petroleum trade.
