Oil rose Monday, amid heightened concerns over supply disruptions after U.S. forces struck two Iranian rocket launchers on Larak Island on Sunday.
Futures for international benchmark Brent crude for November delivery gained 1.54% at $89.46 a barrel. U.S. West Texas Intermediate futures for October advanced 1.44% at $84.60 per barrel.
"I can confirm that earlier today U.S. forces struck two Iranian launchers on Larak Island. Islamic Revolutionary Guard Corps forces were observed preparing to launch rockets with sea mines into the Strait of Hormuz," Navy Capt. Tim Hawkins, a U.S. Central Command spokesperson, said in a statement.
According to the Associated Press, Sunday's attack was the first publicly acknowledged U.S. strike on Iranian positions since late July.
The U.S. attack on Larak Island killed and wounded several Iranian soldiers, Iran's Revolutionary Guards Corps said, adding that it has responded with attacks on American military bases in Jordan, based on reports by the Iranian media.
Vessel traffic through the Strait of Hormuz, a key route for global energy shipments, has been severely disrupted by the Middle East conflict, which has entered its six month.
"Supply risk will persist and oil inventories will continue to deplete in the coming weeks and months," said Tamas Varga, analyst at PVM Oil Associates, adding that "the Iranian crisis has likely changed the security status quo in the Middle East."
"Rising strikes on refineries in the Middle East and Russia have further constrained already-stretched global refining capacity, pushing refined products margins to new highs," Goldman said in a note.
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