The US military struck Iran's Larak Island in the Strait of Hormuz on Wednesday, after President Donald Trump warned he was "not finished" with a war that has already cost Washington $37.5 billion.

As the US enters the ninth night of Iran strikes, oil has climbed to the highest level in more than a month to over US$91 a barrel.

Oil prices climb above $90 a barrel after Iranian military targets two tankers in Strait of Hormuz