Oil Prices Zoom After U.S. Attacks Iranian Rocket Launchers

Oil prices jumped following US attacks on Iranian rocket launchers on Larak Island on Sunday and a subsequent Iranian retaliation, Victor Ordonez reported for ABC News.

Oil prices climbed after US forces struck Iranian rocket launchers on Larak Island, raising fresh concerns over energy supplies through the Strait of Hormuz.

US West Texas Intermediate crude was trading at around $86.26 a barrel, while global benchmark Brent crude was trading near $91.10, with both benchmarks gaining more than 3% at one point during the session.

The rally came after US forces struck two Iranian launchers on Larak Island in the Strait of Hormuz. Iran subsequently attacked US military bases in Jordan, according to reports.

The renewed military confrontation heightened concerns about possible disruptions to oil supplies and commercial shipping through the Strait of Hormuz, one of the world's most important energy chokepoints.

Reuters reported that the number of vessels transiting the strait had fallen sharply amid the renewed tensions.

The average US retail price for regular gasoline was about $4.01 a gallon, down roughly 4 cents from the previous week's average, according to GasBuddy.