Oil prices rose sharply after Iran launched ballistic missile attacks on U.S. forces in the Middle East, prompting retaliatory strikes by U.S. and Saudi forces against Iran-aligned targets in eastern Iraq. International benchmark Brent crude futures gained 3.42% to $86.97 a barrel, while U.S. West Texas Intermediate futures advanced 3.58% to $82.09 per barrel. The renewed tensions, coupled with concerns over Houthi attacks on Saudi oil facilities and a hawkish tone from U.S. Federal Reserve Chair Kevin Warsh, contributed to the price surge.