Oil Jumps More Than 2% After US Attack on Iran’s Larak Island
Published On 31 Aug, 2026
Brent crude futures climbed $2.51, or 2.85%, to $90.61 a barrel as of 0241 GMT while US West Texas Intermediate crude was at $85.53, up $2.13, or 2.55%.
US forces struck two launchers on Iran’s Larak island in the Hormuz strait on Sunday, the first known American strikes on the Gulf nation since late July.
In response, Iran attacked two US air bases in Jordan, Iranian media reported on Monday citing Iran’s Revolutionary Guards.
“Looks like we are in another escalation phase. How long that lasts is impossible to determine. Could be days, could be weeks,” IG market analyst Tony Sycamore said.
Technical charts showed that if the conflict escalated and pushed WTI above resistance at $85.80 to $85.90 a barrel, it would open the way for further gains, initially to last week’s $87.69 high followed by July’s $93.50 high, Sycamore said.
Negotiations to end the conflict are at an impasse while mediators work to reopen the Strait of Hormuz, through which a fifth of the world’s oil flowed before the war began at the end of February.
