🔶 Sharp Rise in Oil Prices as Tensions Escalate Between the United States and Iran

Oil prices rose sharply again as tensions between the United States and Iran flared up, once more raising concerns about disruptions in oil supplies through the Strait of Hormuz.

According to German news agency, Brent crude oil prices rose 3.5% on Monday, August 31, reaching $91.21 per barrel, while the price of U.S. West Texas Intermediate (WTI) crude oil increased by 3.4% to $86.28 per barrel.

The price increase followed the U.S. targeting two missile-launch platforms on Larak Island and Iran’s reciprocal drone attacks against American forces deployed in Jordan.

The U.S. Central Command, CENTCOM, in a message on the X platform, rejected the description of the Islamic Revolutionary Guard Corps’ actions by calling the U.S. strike an “aggressive act.” In the message, it was stated: “U.S. forces carried out a limited and precise action against forces of the Islamic Revolutionary Guard Corps that had created an imminent threat to the Strait of Hormuz.”