The US struck Iran’s Qeshm Island, which was then met with retaliatory Iranian strikes on US bases in Kuwait; explosions were also reported in Saudi Arabia, and air sirens were set off in the UAE. US CENTCOM said that the Iranian drone attacks were “successfully defeated.”

Oil prices, which have risen sharply since the start of the war, gained more than 3% on Monday after the strikes.

Oil prices rose as fresh U.S.-Iran clashes and another large U.S. crude inventory draw intensified fears of further supply disruption.