Oil jumps above $90 per barrel after fresh US-Iran strikes

SINGAPORE – Oil prices climbed more than 2% on Monday amid renewed tensions between the United States and Iran following a US strike on Iranian forces on Larak Island and subsequent Iranian attacks targeting US bases in Jordan. West Texas Intermediate (WTI) crude was trading at $85.09 a barrel, up $1.69, or 2.03%. Brent crude stood at $90.17 a barrel, gaining $2.07, or 2.35%. The rise in crude prices came as markets responded to the latest military exchanges between Washington and Tehran, increasing concerns over potential risks to regional energy supplies. Iran Strikes US Bases in Jordan Iran has launched ballistic missile attacks against two US military positions in Jordan, according to reports from Iranian media, in what Tehran described as retaliation for a recent American strike on Iran's Larak Island. Iran's Islamic Revolutionary Guard Corps (IRGC) said the attacks targeted the King Hussein and Al Azraq bases, according to the reports. The strikes followed a US military operation against two Iranian launchers on Larak Island in the Strait of Hormuz. A US official said the launchers were being prepared to fire rockets carrying sea mines into the strategically important waterway. The American operation was described as the first known US strike against Iran since late July. Iranian state media reported that the attack on Larak caused casualties among Iranian personnel and civilians, while the IRGC warned that Tehran would respond. Iran's semi-official Tasnim news agency reported that the Larak operation involved a US drone strike.