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. Central Command spokesperson, the attack came after the IRGC were observed "preparing to launch rockets with sea mines into the Strait of Hormuz." CENTCOM later described the action as a "limited, precise action against IRGC minelaying forces posing an imminent threat in the Strait of Hormuz." It was only last week that President Trump claimed that the U.S.