Brent Crude Hits $96 as US-Iran Hostilities Fuel Oil Price Surge
Oil prices surged on Friday, September 4, as renewed hostilities between the US and Iran raised concerns of prolonged disruption to energy flows through the Strait of Hormuz. Brent crude traded near $96 a barrel, up over 7% for the week.
The spike in oil prices came after a bombing campaign by the US earlier in the week, which Iran responded to with retaliatory strikes on American bases in the region. Iranian forces continued to target vessels passing through Hormuz and fired missiles at Jordan, Kuwait, and Bahrain.
US Vice President JD Vance downplayed the scale of the conflict, saying it was not a war since major combat operations had ended weeks earlier. However, Republican Representative Pat Harrigan disagreed, stating that the military effort had 'very clearly' stalled.