Oil Prices Jump After U.S. Strikes Iranian Launchers Near Strait of Hormuz

TLDR

• U.S. forces struck two Iranian rocket launchers on Larak Island near the Strait of Hormuz on Sunday
• Brent crude rose 2.5% to $90.28 per barrel; WTI advanced 2.2% to $85.24 per barrel
• Iran retaliated with missiles targeting U.S. forces in Jordan, most of which were intercepted
• Around 6 to 8 million barrels per day are still moving through the strait despite the conflict
• Trump announced plans to replenish the Strategic Petroleum Reserve using oil from Venezuela

Oil prices jumped at the start of the week after U.S. forces carried out strikes on Iranian rocket launchers near one of the world’s most critical shipping lanes.

The U.S. military hit two Iranian launchers on Larak Island on Sunday. The island sits close to the Strait of Hormuz, through which a large share of global oil supply passes. It was the first known American strike on Iran since late July.

🚨🇺🇸🇮🇷 BREAKING:

U.S. official, speaking to Axios:

"Earlier today U.S. forces struck two Iranian launchers on Larak Island.

Islamic Revolutionary Guard Corps forces were observed preparing to launch rockets with sea mines into Strait of Hormuz."

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