Oil Price Jumps Above $90 as US Strikes Larak Island
The price of oil surged past $90 per barrel on August 31 after a US strike on the Iranian island of Larak in the Strait of Hormuz. The attack, confirmed by the United States Central Command (CENTCOM), marked the first confirmed US assault on Iran since late July.
Citing CNBC, Tanjug reported that the November Brent futures contract rose 1.54% to $89.462 a barrel, while the October WTI contract gained 1.44% to reach $84.607.
The exact size of the increase varies by source, but all agree that a barrel crossed the psychological threshold of $90 again. According to Reuters, Brent climbed $1.77, or 2%, to $89.87, while WTI rose $1.45, or 1.74%, to $84.85.
The US strike targeted two Iranian missile launchers after observing members of the Islamic Revolutionary Guard Corps preparing to fire projectiles fitted with sea mines toward the Strait of Hormuz. Iran responded by striking two American air bases in Jordan.