Oil Jumps More than 2% After US Attack on Iran’s Larak Island
Brent crude climbed $2.22 to $90.32 a barrel as traders weighed risks to shipments through the Strait of Hormuz, Reuters said.
- Oil prices jumped more than 2% on Aug 31 after American forces struck two Iranian launchers on Larak island in the Strait of Hormuz on Aug 30, marking the first American strikes on the Gulf nation since late July.
- Central Command spokesperson Tim Hawkins confirmed the military struck Iranian rocket launchers preparing to deploy mines into the Strait of Hormuz on Aug 30, ending weeks of relative calm in the Middle East.
- Brent crude futures climbed $2.22, or 2.52%, to above $90 a barrel on Aug 31, while West Texas Intermediate crude traded near $86 a barrel, up $2.01, or 2.41%.
- Iran's semi-official Mehr news agency reported vessel traffic along an Islamic Republic-approved route "is taking place on a limited basis," with ships reportedly paying tolls to navigate the Strait of Hormuz.
- Ongoing Washington-Teheran tensions have left the market volatile, with 6 million to 8 million barrels of Crude moving through Hormuz daily and Brent futures swinging in a range of almost $17 a barrel.
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Brent went up to $89.75 a barrel after the US attack on Iranian launchers.
EADaily, August 31, 2026. The world price of oil after opening the trade rises against the backdrop of US-Iran's exchange of blows in the Middle East, according to the tender data.
Oil jumps more than 2% after US attack on Iran's Larak island
Oil prices jumped more than 2% on Monday, with Brent back above $90 a barrel, after U.S. forces struck two Iranian launchers on Iran's Larak island in the Strait of Hormuz on Sunday, the first known American strikes on the Gulf nation since late July.
The price of oil rose against the backdrop of US-Iran's exchange of strikes in the Middle East, according to the trade data. As at 1.02, December's futures on Brent oil had increased by 2.34% relative to the previous closure and reached $90.35 per barrel, transmitting to RIA News. October's futures on WTI oil had grown by 2.64%, rising to $85.64 per barrel. According to the WZGLAD newspaper, the United States military had attacked launchers on t…
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