Oil prices rise after US and Iran exchange strikes

Tehran has launched missile and drone strikes on US military positions in Jordan after Washington attacked Iran’s Larak Island, reigniting direct hostilities following a month-long lull.

The Islamic Revolutionary Guard Corps (IRGC) said its retaliatory operation targeted the King Hussein and Al-Azraq air bases, claiming to have inflicted “significant damage” on technical and maintenance infrastructure and positions where fighter jets were stationed.

Jordanian air defenses intercepted eight missiles that entered the kingdom’s airspace early Monday, the country’s armed forces confirmed. A US source separately told Fox News that no significant impacts had been reported.

The exchange began on Sunday when US forces struck Larak Island, near the narrowest point of the Strait of Hormuz, killing and injuring several Iranian soldiers and civilians.

US Central Command said it targeted two Iranian launchers after IRGC forces were allegedly observed preparing to fire rockets carrying sea mines into the Strait of Hormuz. CENTCOM later characterized the attack as “limited” and “precise,” saying it had acted against an “imminent threat.” It has not publicly provided visual evidence supporting the minelaying allegation.

The IRGC vowed that the “aggressors will face definite punishment” and warned that “every attack will be met with even more devastating responses.”

Following the strikes, oil prices went up in early trading in Asia, with West Texas Intermediate futures growing by 2.47% to $85.46 per barrel and Brent futures climbing by 2.71% to $90.49 per barrel.

The renewed fighting marks the first direct US military action against Iran since late July. It comes less than a week after Washington said it had finished clearing sea mines from international shipping routes through the Strait of Hormuz, where maritime traffic has remained heavily disrupted.

Last week, Washington announced what it called an “economic onslaught” against Iran, as US President Donald Trump’s administration shifted its emphasis from large-scale military action toward economic pressure.