Oil Prices Surge as U.S. and Iran Exchange Strikes
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…
Oil prices surged on Monday after the U.S. launched strikes against Iran for the first time in over a month. Iran retaliated by targeting U.S. bases in Jordan. WTI front-month futures rose 2.47% to $85.46 per barrel, while Brent futures increased 2.71% to $90.49 per barrel. The conflict began when U.S. forces attacked two Iranian rocket launchers on Larak Island, which sits in the Strait of Hormuz.
Iran responded by launching ballistic missiles and drones at U.S. military installations in Jordan. The attacks have raised concerns about potential disruptions to oil exports from the Gulf. The Strait currently sees reduced traffic, and there are fears that the recent oil price decline may have overreacted to the current situation.
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