Oil prices climbed over 2% to exceed $90 after US forces targeted Iranian launchers near the Strait of Hormuz, heightening fears of supply disruptions and regional instability.

Oil rises Monday, amid heightened concerns over supply disruptions after U.S. forces struck two Iranian rocket launchers on Larak Island on Sunday.

U.S. forces on Sunday struck two launchers on Iran's Larak island in the Strait of Hormuz. It was the first known American strike on the Gulf nation since late July. Iran…