Oil prices surge after US strikes Iran, retaliation follows

Oil prices surged more than 2 percent on Monday after U.S. forces launched their first strikes on Iran in over a month, targeting military positions on Larak Island in the Strait of Hormuz. Iran subsequently retaliated by attacking U.S. bases in Jordan, marking a significant escalation in the months-long conflict and reigniting concerns over global energy supplies. The U.S. military said Sunday’s operation was a limited, precise action against Iranian Revolutionary Guard Corps minelaying forces that posed an imminent threat in the strategic waterway. According to a U.S.