Brent Crude Surges Past $90 as Middle East Violence Escalates

Violence in the Middle East has sent crude oil prices soaring once again. The Brent November futures price broke above $90 per barrel on Monday, August 31, while West Texas Intermediate (WTI) crude approached $86.

New clashes erupted in the Strait of Hormuz, a critical waterway for international oil transport. Despite weeks of relative calm, U.S. forces conducted military strikes against Iranian rocket launchers that were preparing to lay mines in the area on Sunday, according to Captain Tim Hawkins, a spokesperson for U.S. Central Command.

The continued volatility in the crude oil market has been exacerbated by intermittent ceasefire attempts and pressure from Washington's tough rhetoric against Iran. However, analysts have generally viewed the actual actions taken by the U.S. as underwhelming, falling short of expectations.