Oil Prices Surge as U.S. and Iran Exchange Strikes

Oil prices climbed in early Asian trade on Monday after the U. S. struck Iran for the first time in over a month, with Iran then retaliating against U. S. bases in Jordan. At the time of writing, WTI front-month futures were trading at $85. 46 per barrel, up 2.

47%, while Brent front-month futures had climbed 2. 71% to $90. 49 per barrel. The latest escalation started on Sunday when U. S. forces struck two Iranian rocket launchers on Larak Island, which sits inside the Strait of Hormuz. According to a U. S.