Oil prices have surged due to military actions between the U.S. and Iran. WTI crude oil rose by 2.47% to $85.46 per barrel, while Brent crude increased by 2.71% to $90.49:
This rally followed a U.S. strike on Iranian forces on Larak Island, with Iran retaliating against U.S. bases in Jordan. The U.S. Central Command (CENTCOM) reported that the attack targeted the Iranian Revolutionary Guard Corps (IRGC), which was preparing to lay mines in the Strait of Hormuz:
Iran's response included ballistic missiles and drones targeting U.S. military installations in Jordan. The Jordanian Armed Forces stated that their air defenses intercepted and destroyed eight missiles:
This situation creates new risks for the oil market, as traffic through the Strait of Hormuz has significantly decreased:
