Oil jumps more than 2% after US attack on Iran's Larak Island - Yahoo Finance
Oil prices surged over 2.5% following renewed military hostilities between the U.S. and Iran, specifically involving attacks on Larak Island and U.S. bases in Jordan. The escalation has heightened market fears regarding global supply chain disruptions through the Strait of Hormuz.
Why it matters
The conflict threatens global energy security and could lead to sustained inflationary pressure on fuel prices if shipping routes remain compromised.
Oil settles up by more than 2.5% as US and Iran resume military attacks By Georgina McCartney Mon, August 31, 2026 at 2:58 PM EDT 2 min read CL=F +0.85% By Georgina McCartney
HOUSTON, Aug 31 (Reuters) - Oil prices settled more than 2.5% higher on Monday after a resumption of military action between the U.S. and Iran rekindled market concerns about global supply disruption, as the conflict extended into its sixth month.
Brent crude futures settled up $2.39, or 2.71%, to $90.49 a barrel. U.S. West Texas Intermediate crude settled up $2.36, or 2.83%, to $85.76. Brent rose as high as $91.52 during the session, its highest since August 25.
U.S. President Donald Trump was quoted as promising to "hit them hard" after Iran launched missiles overnight at two U.S. air bases in Jordan in response to an attack on Iran's Larak Island.
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