Tensions in the Middle East escalated sharply over the weekend as the U.S. military launched strikes against two launch sites on Iran's Larak Island, prompting swift missile retaliation from Tehran. Spurred by this breaking news, the global crude oil market saw a significant gap-up at the start of Asian trading hours. Both Brent and U.S. WTI crude futures surged, with Brent crude breaking back above the key $90 mark.
Looking at specific market data, international oil prices showed strong momentum in early Asian trading on Monday. Brent crude futures climbed to $90.32 per barrel, a daily gain of 2.52%, or $2.22. U.S. West Texas Intermediate (WTI) crude futures rose in tandem, settling at $85.41 per barrel, up 2.41%, or $2.01. This dramatic price volatility directly reflects investors' risk-aversion sentiment regarding the threat of disruptions to the Middle East energy supply chain.
According to U.S. officials, the direct catalyst for this military action was intelligence indicating that the Islamic Revolutionary Guard Corps was attempting to use rocket-propelled mines to attack the Strait of Hormuz. In response, Iran subsequently launched ballistic missiles at a U.S. military base stationed in Jordan, though the vast majority of the incoming projectiles were successfully intercepted, resulting in no immediate severe consequences. Iranian state media confirmed that the U.S. strikes caused casualties among both military and civilian personnel, vowing severe retaliation.
This exchange of fire has further complicated the Middle East conflict, which has been ongoing for over half a year. Since the U.S. and Israel launched strikes against Iran in late February, clashes between the two sides and regional militias have resulted in severe casualties and disrupted shipping in the Strait of Hormuz. As a critical chokepoint for global oil transportation, any blockade of the strait directly impacts one-fifth of the world's crude oil supply. Although senior U.S. officials previously claimed that mines in the strait had been cleared and issued stern warnings against ships attempting to re-lay them, the latest weekend clashes indicate that the security situation in these waters remains extremely fragile, and regional maneuvering over energy corridors continues to intensify.
