Global oil markets reacted sharply on Monday as tensions between the United States and Iran escalated into direct military conflict. Brent crude futures rose 3.4 percent to $91.09 per barrel following reports of active combat, ending a period of relative stalemate between the two nations.

The military escalation began over the weekend when U.S. forces targeted two Iranian rocket launchers. Reports indicate that the U.S. also conducted an attack on Larak Island. In response, Iran’s Islamic Revolutionary Guard Corps (IRGC) launched a series of drone and missile strikes against American military assets stationed at the King Hussein and Al Azraq bases in Jordan and the United Arab Emirates.

While both reports confirm the exchange of fire and the subsequent market volatility, the accounts differ slightly in their focus regarding the sequence of events. One report emphasizes the initial U.S. strike on Larak Island as the primary catalyst for the market jump, while the other highlights the U.S. targeting of rocket launchers as the preceding action that triggered the Iranian retaliation against regional bases. As of Monday, the situation remains fluid, with international observers monitoring the potential for further regional instability and its continued impact on energy prices.