Oil prices rose more than 3% on Monday after new US-Iran military exchanges revived concern over Gulf energy flows, with US crude futures up $2.88, or 3.3%, to $90.24 per barrel and Brent up $2.78, or 3.05%, to $93.90 at 0701 GMT, according to US Central Command.
The US military said it carried out self-defence strikes on Iranian radar and drone command-and-control sites in Goruk and on Qeshm Island after an MQ-1 drone was downed over international waters. No US service members were harmed.
Iran’s Islamic Revolutionary Guard Corps said its Aerospace Force targeted the source of an attack on a telecommunications tower on Sirik Island in Hormozgan Province.
The move in oil prices also followed Israel ordering troops to move further into Lebanon in its battle with Hezbollah.
US Central Command is a unified combatant command of the US Department of Defense responsible for military operations across parts of the Middle East, Central Asia and South Asia.
The Islamic Revolutionary Guard Corps is an Iranian state military organisation with ground, naval, aerospace and intelligence branches.
