Oil Prices Soar on New Wave of US-Iran Escalation
Oil prices surged on August 31 after the US and Iran resumed attacks on each other in the Middle East. The US military struck two Iranian rocket launchers on Larak Island, prompting a retaliatory attack from Iran.
The situation sent international benchmark Brent crude oil up 3.22% to $90.94 per barrel and US West Texas Intermediate (WTI) crude oil up 3.48% to $86.30 a barrel.
This marks the first US strike on Iranian positions since late July, according to reports. The US attack on Larak Island resulted in the deaths of several Iranian soldiers, said Iran's Revolutionary Guard Corps.
US President Donald Trump renewed his threats against Iran's Kharg Island, the country's main oil export terminal, saying it 'is going to be blown to smithereens!' on social media.