Oil Prices Surge as US Strikes Iran, Heightening Strait of Hormuz Tensions

Global oil prices surged on Monday after U.S. forces struck Iranian launchers on Larak island, located in the Strait of Hormuz. This action, described as the first known American strikes on Iran since late July, led to a significant increase in crude prices. Brent crude futures climbed to around $90.32 a barrel, while U.S. West Texas Intermediate (WTI) crude rose to approximately $85.41 a barrel. The escalation has intensified fears of potential disruptions to energy supplies through the critical Strait of Hormuz, a vital chokepoint for global oil shipments, with Iran reportedly threatening passage for vessels.