Oil rises after US Iran clash
American attacks on Iran's Larak Island in the Strait of Hormuz led to a more than 1% increase in oil prices. Brent crude jumped to $89.18 per barrel, and West Texas Intermediate reached $84.32. U.S. forces carried out strikes on missile launch platforms on the island amidst deteriorating negotiations to reopen the strait, which accounts for one-fifth of global oil supplies, amid rising concerns over escalating conflict in the Middle East. The military actions and cautious approach by companies have reduced the number of ships transiting the strait to five per day, as mediators seek to de-escalate the situation.
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