Oil Prices Surge as US-Iran Conflict Escalates

Oil prices surged on August 31 after the US military launched an attack on Iranian launchers in the Strait of Hormuz, escalating tensions between the two nations.

The assault, which occurred on August 30, prompted Iran to retaliate by attacking two US airbases in Jordan, according to Iranian media. The conflict has now entered its sixth month and has raised concerns about a potential disruption in global oil supplies.

Brent crude futures rose by $1.08 (1.23%) to $89.18 per barrel, while US West Texas Intermediate (WTI) crude increased by 92 cents (1.10%) to $84.32 per barrel, according to market data.

IG market analyst Tony Sycamore noted that if WTI surpasses its resistance level at $85.80 to $85.90 per barrel, it could lead to further gains, potentially reaching last week's high of $87.69 and then July's high of $93.50.