Brent Crude Surges Past $90 as US Attacks Escalate Middle East Conflict
The global oil market saw a significant surge on August 31 as Brent crude futures rose by $2.11, or 2.40%, to $90.20 a barrel following fresh US attacks in the Middle East.
The US struck two launchers on Iran's Larak island in the Strait of Hormuz, prompting retaliation from Tehran. Iranian media reported that the country attacked two US air bases in Jordan.
The conflict has been ongoing for six months, with efforts to bring it to an end remaining stalled. The Strait of Hormuz is a critical waterway for oil flows, carrying a fifth of the world's oil before the war began in February.
Rising oil flows through the strait had helped contain concerns about supply disruptions, but a deal to fully reopen the route remains elusive. Shipping data showed that the number of visible commodity vessels passing through the strait over the weekend fell to five a day.