U.S. Strikes Iran, Oil Prices Jump on Strait of Hormuz Fears

Oil futures rose on Tuesday after the United States launched strikes on Iranian rocket launchers that Washington said were preparing to mine the Strait of Hormuz. In response, Iran fired missiles at U.S. targets in Jordan. The exchange marks a sharp escalation in the region, raising fresh concerns about disruptions to global oil supplies. The Strait of Hormuz is a critical shipping lane through which about a fifth of the world's petroleum passes. The U.S. military said its strikes were defensive, aimed at preventing an imminent attack on commercial shipping. Iran's missile launch against U.S. positions in Jordan was confirmed by American officials, who reported no immediate casualties. Despite the heightened tensions, oil futures managed to post modest monthly gains. Analysts noted that while the immediate risk of supply disruption remains, markets are weighing the possibility of a broader conflict against existing global inventories and demand outlook. The situation remains fluid, with both sides signaling a willingness to continue military action if provoked.