Global Oil Prices Rise Following US Military Strikes on Iranian Targets

Global crude oil prices have surged by nearly two percent following US military strikes on Iranian targets over the weekend. The escalation comes after six weeks of relative lull, renewing tensions in the Middle East region. According to market reports, Brent crude oil prices increased by $1.77 per barrel to reach $89.87, reversing the price declines recorded in previous weeks. The US military announced that it targeted two missile launchers on Iran's Larak Island, marking its first notable strike in the area since July. In response to the attack, Iranian forces declared that they launched retaliatory strikes against US military bases located in Jordan and the United Arab Emirates.