Crude oil prices jumped over 2% following a U.S. military strike on Iran's Larak Island in the Strait of Hormuz. Brent crude futures climbed above $90 per barrel after the first acknowledged American attack on Iranian territory in a month.
U.S. Central Command reported the strike destroyed two missile launchers preparing to deploy sea mines. Officials labeled the Iranian hardware an imminent threat to commercial shipping.
Iran's Islamic Revolutionary Guard Corps retaliated by launching missile attacks on U.S. bases in Jordan. The escalation intensified fears of a wider conflict disrupting global oil supplies through the strait.