Oil Prices Jump After U.S. Strike on Iranian Launchers
In Asian trade on Monday, oil prices rose sharply after U.S. forces struck two Iranian launchers on Larak Island, located near the Strait of Hormuz. The strike, described as the first known American attack on Iran since late July, was aimed at launchers that the Islamic Revolutionary Guard Corps was reportedly preparing to fire sea‑mines into the waterway.
At 20:07 ET (00:07 GMT), Brent crude futures for November gained 1.7 % to $89.62 per barrel, while West Texas Intermediate (WTI) futures rose 1.6 % to $84.69 per barrel. The price increase followed reports that Iran launched missiles at U.S. forces stationed in Jordan in retaliation; a U.S. source said nearly all incoming missiles were intercepted and there was no significant impact.
The escalation revived concerns over supply security in the Middle East, where the Strait of Hormuz normally carries roughly one‑fifth of global oil supplies. Shipping traffic through the strait has already been reduced to only a handful of vessels per day because of persistent attacks and security risks.
Earlier in the month, doubts about progress toward a U.S.–Iran peace agreement had pushed Brent to its highest close since late July. Attention also remains on broader supply developments after U.S. President Donald Trump announced that Washington would begin replenishing the Strategic Petroleum Reserve using oil obtained under a new agreement with Venezuela.