Oil Jumps Over 2% After US Strike on Iran's Larak Island

Oil prices jumped more than 2% following a US attack on Iran's Larak island, according to wire reports from the session. The move came alongside separate reports of renewed fighting in the Middle East, which had already put upward pressure on crude before the strike. Larak island sits near the Strait of Hormuz, a corridor that carries a large share of the world's seaborne oil trade, so any military action in the area tends to move prices even without an immediate supply outage. Traders reacted to the risk that shipping through the strait could be disrupted rather than to any confirmed loss of barrels. What remains unresolved is whether the strike marks an isolated incident or the start of a broader escalation. Prices could give back the gain quickly if no follow-on military activity materializes in the days ahead.