- August 31, 2026
- Posted by: Tresmark
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Oil prices jumped more than 2% on Monday after U.S. forces struck targets on Iran's Larak Island in the Strait of Hormuz, triggering renewed concerns over escalating conflict and potential disruptions to global energy supplies.
Brent crude futures rose $2.51, or 2.85%, to $90.61 per barrel, while U.S. West Texas Intermediate (WTI) crude gained $2.13, or 2.55%, to trade at $85.53 per barrel in early Asian trading.
The latest escalation comes as the conflict involving the United States and Iran enters its sixth month, heightening concerns over security in the Strait of Hormuz, one of the world's most strategically important oil transit routes.
According to reports, U.S. forces targeted two Iranian missile launchers on Larak Island. Iran subsequently retaliated, with media reports citing the Islamic Revolutionary Guard Corps (IRGC) as saying it had attacked two U.S. air bases in Jordan.
The renewed military confrontation has added a fresh geopolitical risk premium to oil markets, as traders closely monitor developments that could threaten shipping and energy flows through the region.
Meanwhile, U.S. President Donald Trump said Washington would use Venezuelan oil to replenish the country's Strategic Petroleum Reserve (SPR), adding another development for energy markets to assess amid heightened global supply uncertainty.
