US strikes Iran's Larak Island; Iran retaliates, oil jumps 3.4%

The US attacked Iran's Larak Island, prompting Iran's first military retaliation after weeks of stalemate, breaking the previous lull. Brent crude futures rose 3.4% to $91.09 per barrel, reflecting immediate market pricing of heightened Gulf supply risk. The escalation's scope and potential for further strikes remain uncertain, but the resumption of direct military action marks a significant shift in the conflict's trajectory.