Oil prices rose more than 3.5% on Monday after the U.S. attacked an Iranian island in the Strait of Hormuz and Tehran said it had retaliated, as their conflict extended into its sixth month.
Brent crude futures were up $3.15, or 3.58%, to $91.25 a barrel at 0903 GMT, while U.S. West Texas Intermediate crude was up $2.96, or 3.55%, to $86.36.
U.S. forces struck two launchers on Iran’s Larak Island in the Strait of Hormuz on Sunday, the first known American strikes on the country since late July.
In response, Iran attacked two U.S. air bases in Jordan, Iranian media reported on Monday, citing Iran’s Revolutionary Guards.
“Renewed military strikes in the Middle East and concerns of further oil supply disruptions have lifted oil prices,” said UBS analyst Giovanni Staunovo, adding that markets will now focus on whether the situation de-escalates or not. Related News Abu Dhabi firm acquires 90% stake in Azura to capture Africa’s power-hungry markets African fintechs face margin squeeze as cloud costs, cybersecurity and regulation collide Nigeria’s M&A value sinks to near-decade low despite posting Africa’s highest number of deals
