U.S.-Iran military strikes push Brent crude above $90, threatening $100 oil
Oil prices surged after the U.S. struck Iranian rocket launchers on Larak Island and Iran retaliated against U.S. bases in Jordan, marking the first direct attacks in months. Brent crude settled at $90.49 per barrel, up 2.71%, with an intraday high of $91.52. Economist Cyrus de la Rubia warned prices could exceed $100 if escalation continues. The Strait of Hormuz traffic remains severely disrupted, and global oil inventories are nearing exhaustion.
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Oil prices rise as renewed U.S.-Iran exchanges keep supply risks in focus
Oil prices advanced on Tuesday, September 1, 2026, as renewed military exchanges between the United States and Iran heightened concerns over potential supply disruptions from the Middle East. Brent crude futures rose 1.3% to $91.67 per barrel, while U.S. West Texas Intermediate gained 1.48% to $87.03. The tensions followed U.S. President Donald Trump's Monday statement raising the possibility of further strikes against Iran, marking the first direct attacks between the two countries since late July. Iranian President Masoud Pezeshkian said Iran would reciprocate if the U.S. returned to commitments under the June interim peace agreement. Qatar and Oman are mediating to reopen the Strait of Hormuz, where visible commodity vessel traffic remains at about five ships per day, well below pre-conflict levels. A tanker reported being struck by three projectiles while exiting the strait, with no casualties. Analysts also noted that global oil inventories are becoming exhausted, with U.S. inventories nearing minimum levels and China's import capacity tested by seasonal demand. A Reuters poll expects oil prices to remain above $80 per barrel in 2026.
Oil settles up by more than 2.5% as US and Iran resume military attacks
Oil prices surged more than 2.5% on Monday, August 31, 2026, following the resumption of military attacks between the United States and Iran. Brent crude futures settled at US$90.49 per barrel, up US$2.39 or 2.71%, after reaching an intraday high of US$91.52. The price increase reflects market concerns over potential supply disruptions in the Middle East due to renewed hostilities between the two nations. The article, published by The Business Times Singapore, highlights the direct impact of geopolitical tensions on global energy markets, with traders reacting to the escalation of military conflict.
Oil settles up by more than 2.5% as US and Iran resume military attacks
Oil prices surged by more than 2.5% on August 31, 2026, following the resumption of military attacks between the United States and Iran. Brent crude futures rose as high as US$91.52 per barrel during the trading session, before settling at US$90.49, up US$2.39 or 2.71%. The escalation in hostilities between the two nations has heightened concerns over potential disruptions to oil supplies from the Middle East, a key producing region. The price increase reflects market anxiety about the conflict's impact on global oil production and transportation routes. The article, published by The Business Times Singapore, highlights the direct link between geopolitical tensions and energy market volatility.
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Brent crude jumps above $90 after U.S. strikes Iranian targets on Larak Island
Oil prices surged on Monday, with Brent crude closing above $90 a barrel, following a U.S. military strike on two Iranian rocket launchers on Larak Island in the Strait of Hormuz. This marked the first publicly acknowledged U.S. attack on Iranian positions in weeks, escalating hostilities between Washington and Tehran. The Islamic Revolutionary Guard Corps confirmed casualties and retaliated with attacks on U.S. bases in Jordan. U.S. President Donald Trump further threatened Iran's main oil export terminal at Kharg Island. The conflict, now in its sixth month, has severely disrupted vessel traffic through the Strait of Hormuz, a critical global energy chokepoint. Analysts warned of persistent supply risks and declining oil inventories, while Goldman Sachs noted that rising strikes on refineries in the Middle East and Russia have constrained global refining capacity and pushed product margins to new highs.
Oil Price Nears $91 After US-Iran Strikes; Economist Warns of $100 if Situation Escalates
The oil price has risen to just under 91 dollars per barrel following mutual military strikes between the United States and Iran. Economist Cyrus de la Rubia, in an interview with Dietmar Deffner for Die Welt, expressed astonishment that the price has not increased further given the severity of the conflict. He warned that if the situation escalates further, oil prices could exceed 100 dollars. The article, published on August 31, 2026, highlights the immediate economic impact of the military confrontation between the two nations, with the energy market reacting sharply to the heightened geopolitical risk in the Middle East. The analysis underscores the fragility of global oil supply chains amid direct state-on-state military action, a scenario that typically drives significant price volatility.