Global Oil Prices Rise After US Attack on Iran’s Larak Island

Global oil prices rose more than 2% after a US military attack on Iran’s Larak Island, with Brent crude crossing the $90-a-barrel mark.

Reuters reported that Brent crude rose $2.22, or 2.52%, to $90.32 a barrel. US West Texas Intermediate crude also increased by $2.01, or 2.41%, and was trading at $85.41.

In a statement issued Sunday night, the Public Relations Office of Iran’s Islamic Revolutionary Guard Corps said that, as a result of the attack, a number of Iranian fighters and civilians had been killed and wounded. The force also said the move would be met with a response from Iran.

The Islamic Revolutionary Guard Corps later said in another statement that technical and maintenance infrastructure, as well as the location of US fighter jets at the Al-Malik Hussein and Al-Azraq air bases, had been targeted.

Larak Island is located near the Strait of Hormuz, a strategic waterway through which a significant share of the world’s oil shipments passes, and any military tensions there could affect global energy markets.