Brent crude oil futures rise over 2.9% following US-Iran strikes
Prices for Brent and WTI crude climb amid escalating military tensions in the Middle East.
Quick Look
Brent crude oil futures rose over 2.9% to surpass $90 a barrel following reported military strikes between US forces and Iran in the Middle East, with WTI crude also seeing gains.
AI-generated summary
Why It Matters
US forces struck missile launchers on Larak Island, prompting an IRGC response targeting US facilities in Jordan.
MOSCOW, August 31. /TASS/. The price of futures contracts of Brent crude oil for November 2026 delivery on London’s ICE has grown by more than 2.9% following strikes between the US and Iran in the Middle East, according to trade data.
As of 5:35 a.m. Moscow time (2:35 a.m. GMT), the Brent price was up by 2.94% at $90.69 a barrel. As of 7:28 a.m. Moscow time (4:28 a.m. GMT), the price of Brent oil was up by 2.68% at $90.46 per barrel. Meanwhile the price of futures contracts of WTI crude oil for October 2026 delivery was up by 2.34% at $85.35 per barrel.
Axios reported on August 30 that US forces had struck two missile launchers on Larak Island in southern Iran, after which the Islamic Revolutionary Guard Corps (IRGC) announced the shelling of US military facilities in Jordan in response to the strike on Larak Island. Jordan’s air defense systems repelled the Iranian attack, the Al Hadath TV channel reported, citing a statement from a spokesperson for the kingdom’s military command.
Open Questions
- Will the US launch further retaliation?
- How will regional oil supply routes be affected?
