Oil Jumps More than 2% After US Attack on Iran’s Larak Island
Brent crude climbed $2.22 to $90.32 a barrel as traders weighed risks to shipments through the Strait of Hormuz, Reuters said.
- Oil prices jumped more than 2% on Aug 31 after American forces struck two Iranian launchers on Larak island in the Strait of Hormuz on Aug 30, marking the first American strikes on the Gulf nation since late July.
- Central Command spokesperson Tim Hawkins confirmed the military struck Iranian rocket launchers preparing to deploy mines into the Strait of Hormuz on Aug 30, ending weeks of relative calm in the Middle East.
- Brent crude futures climbed $2.22, or 2.52%, to above $90 a barrel on Aug 31, while West Texas Intermediate crude traded near $86 a barrel, up $2.01, or 2.41%.
- Iran's semi-official Mehr news agency reported vessel traffic along an Islamic Republic-approved route "is taking place on a limited basis," with ships reportedly paying tolls to navigate the Strait of Hormuz.
- Ongoing Washington-Teheran tensions have left the market volatile, with 6 million to 8 million barrels of Crude moving through Hormuz daily and Brent futures swinging in a range of almost $17 a barrel.
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Brent crude jumped 1.6% to near $90 a barrel due to the escalation in the Middle East Brent <p>prices rose 1.6% after the US strike on Iranian missile sites. Markets are anticipating a possible Fed rate hike.</p>
Crude oil prices jump over 1% after US strikes Iranian island in a fresh round of attacks; Brent near $89 per barrel
US-Iran war: Brent crude futures gained $1.08, or 1.23%, to $89.18 per barrel. Meanwhile, US West Texas Intermediate (WTI) crude futures advanced 92 cents, or 1.10%, to $84.32 per barrel.
Oil prices rose by more than 2% at the beginning of today's Monday dealings, and Brent's ore returned to over $90 a barrel, following American strikes targeting two Iranian launchers on Lark Island in the Strait of Hormuz, in the first known American strikes inside Iran since late July.
Oil prices rise more than 2% as concerns over the Strait of Hormuz resurface
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