US-Iran Conflict Escalates as Oil Prices Surge Past $90
The US-Iran conflict has reignited after a one-month ceasefire, leading to a surge in oil prices. International Brent Crude climbed back above $90 per barrel, while US President Donald Trump summoned refining industry executives to the White House to discuss strategies for lowering gasoline prices.
On Sunday (August 30), US forces attacked Larak Island in the Strait of Hormuz, destroying two Iranian rocket launchers. Iran's Revolutionary Guard retaliated with missile and drone attacks on two US air force bases in Jordan, claiming to have inflicted 'significant losses.'
Trump threatened to 'hit them very hard' and included Kharg Island, Iran's primary oil export terminal, in the strike zone. However, there is currently no evidence that Kharg Island was attacked.