US Strikes Iranian Rocket Launchers, Oil Prices Rise Amid Supply Concerns

• US forces struck Iranian rocket launchers on Larak Island Sunday.
• Action taken due to Iran preparing sea mines for Strait of Hormuz.
• Oil prices rose over 1% on Monday amid supply disruption fears.

U.S. forces conducted strikes against two Iranian rocket launchers on Larak Island on Sunday, following observations that Iranian Revolutionary Guard Corps forces were preparing to launch rockets carrying sea mines into the Strait of Hormuz. This action marks the first U.S. military engagement against Iran in over a month, occurring after a period of relative calm. In response, Iran reportedly vowed retaliation, while U.S. Central Command affirmed its commitment to monitoring the area and protecting the free flow of commerce. On Monday, international benchmark Brent crude for November delivery gained 1.54% to $89.46 a barrel, and U.S. West Texas Intermediate futures for October advanced 1.44% to $84.60 per barrel, driven by heightened concerns over potential supply disruptions.