US-Iran Conflict Drives Up Oil Prices as Energy Stocks Surge

The US-Iran conflict has escalated, driving up oil prices and boosting energy stocks in pre-market trading on August 31.

Brent crude briefly reached $91 per barrel, while WTI crude rose to near $86 per barrel, as concerns over shipping disruptions in the Strait of Hormuz mounted.

Chevron (CVX) led the charge with a 2.42% gain, followed closely by Halliburton (HAL), Valero Energy (VLO), Occidental Petroleum (OXY), and ExxonMobil (XOM).

The Strait of Hormuz is a critical global energy transport channel, handling nearly one-fifth of global crude oil and liquefied natural gas shipments.