Brent oil surges back above $90 as U.S. strikes Iran for first time in a month

US forces struck two Iranian rocket launchers on Larak Island in the Strait of Hormuz, marking the first publicly acknowledged combat between the two sides in a month. This led to a surge in oil prices, with Brent crude rising 3.58% to $91.25 a barrel and US West Texas Intermediate crude climbing 3.55% to $86.36 a barrel, according to the Hindustan Times - World News.

The conflict between the US and Iran has now entered its sixth month, with both sides engaging in military actions. Iran responded to the US strikes by attacking two US air bases in Jordan, as reported by Iranian media, citing Iran's Revolutionary Guards. The Strait of Hormuz, a major route for oil shipments, has been a point of contention, with Iran keeping it shut and Washington maintaining a naval counter-blockade, as per the Toronto Sun.

The renewed military strikes have raised fears of potential disruptions to oil supplies, leading to increased concerns about the conflict escalating further. Markets are now watching to see whether the situation will worsen or calm down, with UBS analyst Giovanni Staunovo noting that any further military action could increase concerns about oil supply and push prices higher, according to the Hindustan Times - World News.

Brief written by urgent.news from Quartz, Hindustan Times - World News, Toronto Sun, France 24 — 4 reports on this story. Machine-written — may contain errors; check the original before relying on it.