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Commodities

US-Iran Conflict Drives Oil Prices Higher Amid Supply Fears

Guavy AI Editorial Team
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Oil
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Oil prices surged on August 31 as US-Iran conflict escalated, causing supply fears around the Strait of Hormuz. Brent crude jumped $1.86 to $89.96 a barrel (2.11% increase), while WTI crude gained $1.60 to $85 (1.92% increase).

The rise in oil prices came after US attacks on two Iranian launchers on Larak Island, prompting Iran to target two US air bases in Jordan. The conflict has been ongoing for six months.

The Strait of Hormuz remains a key concern for energy markets, with around one-fifth of global oil shipments passing through the waterway. Shipping data showed a decline in visible commodity vessels to about five daily over the weekend.

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