Oil prices rise 2.85% after US strikes on Iranian islands, Iran targets US bases in Jordan

TEHRAN, Iran — LONDON — Brent crude climbed 2.85% to $90.61 a barrel on Monday after the United States carried out strikes on Iranian missile sites and Tehran retaliated by targeting US air bases in Jordan, marking a sharp escalation in the six-month-old Middle East conflict. West Texas Intermediate rose 2.55% to $85.53 a barrel. The US military struck two missile launchers on Iran's Lark Island in the Strait of Hormuz, the first known US attack on Iran since late July. Iran responded by targeting two US air bases in Jordan. US Treasury Secretary Scott Bessent told Reuters that secondary sanctions on Iran would be imposed weekly to fully isolate Tehran from the US dollar-based financial system. President Donald Trump said oil secured under a recent deal with Venezuela would be used to refill strategic reserves that have fallen to their lowest level in 44 years. Mediation efforts to end the war and reopen the Strait of Hormuz, through which roughly one-fifth of global oil passes, have stalled, according to the report.