Archive · 1 Sep 2026
Oil Prices Surge Above $90 as US-Iran Tensions Escalate
Oil prices rose after the United States and Iran exchanged military attacks.
US forces struck two Iranian launchers near the Strait of Hormuz.
The United States said the launchers could be used to fire rockets and place mines in the water.
Iran then reportedly launched missiles and drones toward US facilities in Jordan.
Jordan said its air defences stopped eight missiles.
Fewer ships are traveling through the Strait, an important route for oil shipments.
A tanker was also reported to have been hit by projectiles, although no casualties or environmental damage were reported.
Investors worry that more fighting could interrupt oil supplies and make fuel more expensive.
The reports gave different prices because they covered different trading sessions.
Brent crude was reported between $90.32 and $91.05 a barrel, while WTI ranged from $85.41 to $86.59.
US forces struck two Iranian rocket launchers on Larak Island in the Strait of Hormuz.
The US Central Command said the launchers were being prepared to fire rockets and deploy sea mines.
Iran reportedly launched missiles and drones toward US facilities in Jordan, where authorities said eight missiles were intercepted.
Shipping through the Strait reportedly fell to about five vessels a day, while a tanker was reported hit by projectiles, raising supply-disruption fears.
- Who
- The United States and Iran, including Iran’s Revolutionary Guard, are involved; Jordan also reported intercepting missiles aimed toward US facilities.
- What
- US forces struck two Iranian launchers, followed by reported Iranian missile and drone attacks and renewed concerns about disrupted oil shipments.
- When
- The US strike occurred on Sunday; oil prices rose on Monday and Tuesday trading. The reports also refer to developments since late February and late July.
- Where
- The launchers were on Larak Island in the Strait of Hormuz; the reported Iranian response targeted US facilities in Jordan.
- Why
- The United States said the launchers were being prepared to fire rockets and deploy sea mines. Investors fear broader conflict could disrupt shipping, energy infrastructure and global oil supplies.
US account
Iranian account
Justification for the strike
US account
The US Central Command said the launchers belonged to Iranian Revolutionary Guard forces preparing to fire rockets and deploy sea mines in the Strait of Hormuz.
Iranian account
Iran’s Revolutionary Guard said it targeted infrastructure and aircraft positions at two US bases in Jordan after the US action.
Shipping and the Strait
US account
Donald Trump said the United States had completed mine-clearing operations and warned against further attempts to obstruct shipping.
Iranian account
The reports describe continuing disruption, including sharply reduced vessel traffic, a tanker hit by projectiles and renewed concerns about mine deployment.
Risk of wider escalation
US account
The United States warned of additional strikes and maintained a blockade of Iranian ports, while presenting the actions as responses to security threats.
Iranian account
Iran’s missile and drone response, as described in the reports, reflects Tehran’s opposition to US military action and pressure around the waterway.
- Brent crude
- Reports placed Brent at $90.32, $90.49 and $91.05 a barrel, with gains ranging from 0.6% to 2.71%.
- WTI crude
- Reports placed West Texas Intermediate at $85.41, $85.46 and $86.59 a barrel, with gains ranging from 1% to 2.47%.
- US strike
- Two Iranian rocket launchers were struck on Larak Island in the Strait of Hormuz.
- Reported Iranian response
- Iran reportedly launched ballistic missiles and drones toward US military facilities in Jordan; Jordan said eight missiles entering its airspace were intercepted.
- Shipping traffic
- Visible commercial vessel traffic through the Strait reportedly fell to around five ships a day over the weekend.
- Tanker incident
- The United Kingdom Maritime Trade Operations said a tanker reported being hit by three projectiles while leaving the Strait; no casualties or environmental damage were reported.
- Iranian port blockade
- The United States’ blockade of Iranian ports reportedly redirected 83 commercial vessels as of August 30, while other vessels were disabled or boarded.
- Venezuela arrangement
- Donald Trump said the United States had reached a deal involving control of Venezuela’s oil reserves to help replenish the US Strategic Petroleum Reserve.
