Oil prices rise over 3% after US strikes on Iranian island near Strait of Hormuz

BAGHDAD, Iraq — Oil prices climbed more than 3% on Monday after the United States carried out airstrikes on Iran's Lark Island near the Strait of Hormuz, followed by reported Iranian retaliation. November Brent crude rose 3.01% to $90.78 a barrel, while December Brent gained 5.35%, according to data compiled from Oil Price and Investing.com. US West Texas Intermediate crude increased 2.84% to $85.77. US forces on Sunday conducted their first known airstrikes on Iran since late July, hitting two launch ramps on Lark Island in the Persian Gulf. Iranian media, citing the Revolutionary Guard, said Tehran struck two US air bases in Jordan on Monday in response. US President Donald Trump claimed on social media that Lark Island, an Iranian energy site, had been "leveled," though his post used what appeared to be artificially generated imagery and no independent evidence has confirmed the strike on the island. The conflict between the United States and Iran has entered its seventh month, with negotiations to end the war stalled and mediation efforts continuing over the reopening of the Strait of Hormuz. Before the war, the strait handled roughly one-fifth of global oil supply. Over the weekend, the average number of commercial vessels transiting the waterway fell to five per day as shipping companies adopted a cautious stance to avoid possible attacks. No further details were immediately available.