Brent Tops $91 After US-Iran Fire Exchange in Strait of Hormuz
Updated
Updated · Yahoo Finance · Aug 31
Brent Tops $91 After US-Iran Fire Exchange in Strait of Hormuz
3 articles · Updated · Yahoo Finance · Aug 31
Summary
Brent crude climbed above $91 a barrel Monday and WTI topped $86 after the United States and Iran exchanged direct fire for the first time in about a month.
US forces struck two Iranian launchers on Larak Island after, Central Command said, IRGC units were preparing rockets carrying sea mines into the Strait of Hormuz.
Iran answered with drone attacks on sites in Jordan and the UAE, seized a bulk carrier near Bandar Abbas, and claimed a supertanker hit a mine, while CENTCOM said the waterway had been de-mined.
The flare-up revives pressure on a global economy already strained by a six-month war: Gulf oil flows have recovered to about 15 million barrels a day, but refined-fuel shortages remain tight.
The 2026 US-Iran Conflict and Strait of Hormuz Blockade: Global Oil Disruption, Economic Fallout, and the Race for Energy Security
Overview
On August 30, 2026, the US launched a pre-emptive strike on Iranian rocket launchers after observing IRGC preparations to mine the Strait of Hormuz. Iran retaliated with missile and drone attacks on US bases in Jordan, but Jordan intercepted the missiles. This clash followed months of escalating conflict, including massive US-Israeli airstrikes that killed Iran’s Supreme Leader and led Iran to close the Strait, causing a collapse in shipping and a global oil crisis. The resulting energy shock drove up fuel prices, triggered inflation, and exposed the world’s vulnerability to disruptions in critical maritime chokepoints.