Oil Prices Surge Past $90 per Barrel Amid Iran-US Conflict Over Strait of Hormuz
Crude oil prices have surged to $90 per barrel after renewed military strikes between the US and Iran over the Strait of Hormuz. The attacks on Monday, August 31, raise concerns about disruptions to global oil supplies through this strategic waterway.
The US struck Iranian rocket launchers on Larak Island in the Strait of Hormuz on Sunday, prompting Iran to retaliate with missile and drone attacks on US bases in Jordan.
According to Captain Tim Hawkins, a spokesperson for US Central Command, Iranian Revolutionary Guard Corps forces were observed preparing to launch rockets carrying sea mines into the waterway. 'US forces are monitoring the area closely and remain prepared to protect the free flow of commerce through this essential waterway,' he said.