Iran Strike Sends Oil Prices Soaring Over $90 Per Barrel

Oil prices surged more than 3% on August 31 after the US strike on Iran broke a lull in fighting, which has lasted over six months. Brent crude rose to $91.10 per barrel, while US benchmark crude oil jumped 3.6% higher at $86.40 per barrel.

Stephen Innes of SPI Asset Management noted that 'the Middle East had finally gone quiet enough for oil traders to start sanding some of the war premium out of crude.' However, Sunday's events reminded them that 'quiet in the Strait of Hormuz is not the same as peace.'

The national average for gasoline in August has been above $4 per gallon every day, making it the most expensive August at the pump on record. This is according to the AAA, which reported a price of $4.21 per gallon.