Crude oil prices rose on Monday after the US attacked Iran's Larak Island, prompting Iran to retaliate in the first open fire between the two countries since July.

The rise came a day after the United States said it had attacked Iranian rocket launchers on a small island in the Strait of Hormuz, marking its first strikes on Iran in a month.

Oil prices rose more than 2% per barrel on Monday after conflict in the Middle East reignited once again with US attacking an Iranian island in the Strait of Hormuz, and Tehran…