Commodities
Oil Prices Soar on Escalating US-Iran Tensions
Oil prices surged more than 3% in intraday trading on August 31. According to BlockBeats, West Texas Intermediate (WTI) and Brent crude each climbed over 3%. WTI was trading at $85.54 a barrel, while Brent reached $90.86.
The increase came as military tensions between the U.S. and Iran escalated again. A recent move saw U.S. forces strike a rocket launch site on Iran's Larak Island near the Strait of Hormuz. In response, Iran launched a missile attack.
As a result, oil prices drew support from these escalating tensions.