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Oil rises after U.S. strikes Iran, Iran retaliates in Jordan
WTI front-month futures were up 2.5% to $85.5 a barrel, while Brent climbed 2.7% to $90.5 as both sides exchanged strikes after rocket launchers were targeted near the Strait of Hormuz.
Oil prices rose in early Asian trading on Monday after the United States struck Iran for the first time in more than a month, followed by Iran retaliating against U.S. bases in Jordan, according to OilPrice.
At the time of writing, WTI front-month futures were trading around $85.46 per barrel, up 2.47%, and Brent front-month futures were about $90.49 per barrel, up 2.71%.
OilPrice said the latest escalation began Sunday when U.S. forces struck two Iranian rocket launchers on Larak Island in the Strait of Hormuz, after Iran’s IRGC was observed preparing to launch rockets with sea mines into the waterway.
In response, Iran launched ballistic missiles and drones at U.S. military installations in Jordan, and Jordan’s armed forces said its air defenses intercepted and destroyed eight missiles that entered Jordanian airspace, while the IRGC warned it would forcefully respond to future U.S. strikes.
Latest closeWTI crude $83.44 ▼0.1%|Brent $88.29 ▼1.6%