Oil prices have jumped higher after US attacked Iran and Iran retailiated

US crude oil futures jumped sharply on the Globex open for the new trading week, rising approximately 2% amid an escalating military conflict between the United States and Iran. The sudden price surge follows reports that US armed forces conducted targeted strikes against two Iranian missile launchers positioned near the strategically vital Strait of Hormuz, followed by strikes on Larak Island. In response to the US military operation, Iran launched retaliatory missile strikes across four separate provinces, triggering heightened supply disruption concerns across energy markets. The Strait of Hormuz remains a critical global transit corridor for maritime crude shipments, making crude prices particularly sensitive to regional military hostilities. Despite the abrupt spike in crude oil futures, broader US equity index futures remained relatively resilient, opening little changed as traders weighed the broader economic fallout and potential inflationary risks of elevated energy costs.