Oil Prices Soar Amid Escalating US-Iran Conflict

Oil prices surged more than 2% on August 31 following a US attack on an Iranian island in the Strait of Hormuz, prompting retaliation from Tehran. This marks the sixth month of escalating tensions in the Middle East.

Brent crude futures rose $2.51, or 2.85%, to $90.61 per barrel at 02:41 GMT, while US West Texas Intermediate (WTI) crude increased $2.13, or 2.55%, to $85.53, according to Reuters.

The latest escalation has analysts predicting that prices may rise further if WTI crude breaks through the resistance level of $85.80, $85.90 per barrel. If this happens, prices could reach $87.69 before potentially climbing to the July high of $93.50.