Oil prices surge after US attack on Iran's Larak island
A projectile is fired during what the US Central Command (Centcom) said were strikes on Iran, in this screen grab taken from a handout video released on July 12, 2026.
Oil prices were trading more than 2 per cent higher on Monday after the US attacked an Iranian island in the Strait of Hormuz and drew retaliation from Tehran, as conflict in the Middle East extended into its sixth month.
Brent crude futures climbed $2.51, or 2.85 per cent, to $90.61 (Sh11,727) a barrel as of 0241 GMT while US West Texas Intermediate crude was at $85.53, up $2.13, or 2.55 per cent.
