Oil prices surged more than 3% at the market open on Monday following US airstrikes on a key Iranian export hub. After gaining over 40% in the past two weeks, Brent crude futures are now trading near $105 per barrel, while West Texas Intermediate (WTI) crude futures are around $101 per barrel.

In the precious metals market, gold and silver experienced ongoing adjustments at the opening. At the time of writing, spot gold turned positive and climbed above $5020, while spot silver fell 0.71% to $80 per ounce.

According to a report, US President Donald Trump stated on social media that US forces had launched a "fierce airstrike" on military targets on Iran's Kharg Island, a crucial oil export hub. The following day, President Trump claimed the US strikes had "completely destroyed" large parts of the island but added, "we might bomb it a few more times, just for fun." Kharg Island is a strategic location off the coast of Iran, hosting terminals responsible for the majority of the country's oil exports. Regarding the military action, Trump further stated, "We have destroyed most of their missiles. Destroyed most of their drones. Largely destroyed their missile and drone manufacturing capability. Within two days, it will be completely destroyed." The US Central Command confirmed that the large-scale strikes on the evening of the 13th successfully hit over 90 military targets on the island, destroying facilities such as Iranian naval mine storage and missile storage bunkers, while reportedly sparing oil infrastructure.

In response, Iran's Foreign Minister stated that Iran has never requested a ceasefire from the US, nor even asked for negotiations. Iran will continue to defend itself, "for as long as it takes," until the US President recognizes this is an "illegal war that cannot be won."

A spokesperson for the UK Prime Minister's office said the Prime Minister spoke with US President Trump by phone, discussing the "current situation in the Middle East." The two leaders emphasized "the importance of reopening the Strait of Hormuz," as the current circumstances "are driving up global costs."

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