US hits Iranian island in Hormuz as oil, tensions flare

Oil prices surged by over $2 per barrel on Monday following the United States' attack on an Iranian island in the Strait of Hormuz, triggering Iran's retaliation as the Middle East conflict entered its sixth month. US forces targeted two launchers on Iran's Larak island on Sunday, marking the first known American strike on the Gulf nation since late July. In response, Iran allegedly attacked two US air bases in Jordan, according to Iranian media reports.

Brent crude futures climbed $2.11, or 2.40%, to $90.20 per barrel, while U.S. West Texas Intermediate crude rose $1.89, or 2.27%, to $85.30 per barrel. The conflict's impact on oil prices remains a major concern, with rising tensions in the region having the potential to disrupt global oil supplies. Efforts to resolve the conflict and reopen the Strait of Hormuz remain stalled, with shipping data indicating a significant drop in the number of visible commodity vessels passing through the strait.