Global crude oil prices climbed more than 2% on Monday after US forces conducted strikes on Iranian military installations in the Strait of Hormuz, marking the first such American action in the region since late July.
International oil markets responded sharply to renewed military tensions in the Persian Gulf on Monday, with crude prices reaching their highest levels in weeks. The price movement came in the aftermath of US strikes targeting two Iranian launcher systems positioned on Larak island in the Strait of Hormuz on Sunday.
Brent crude futures rose by $2.22 per barrel, representing a 2.52% increase that brought prices to $90.32 by late trading hours. Meanwhile, US West Texas Intermediate crude climbed $2.01 to settle at $85.41 per barrel, a gain of 2.41% according to trading data. The spike pushed Brent back above the $90 per barrel threshold, a significant level for global energy markets.
The military engagement represents the first documented American strikes on Iranian positions in the Gulf since late July, underscoring escalating tensions in one of the world's most strategically important energy corridors. The Strait of Hormuz serves as a critical chokepoint for global oil transport, and any disruption to shipping or military activity in the region typically prompts immediate reactions from commodity markets concerned about potential supply interruptions.