Brent Crude Climbs Above $90 a Barrel After US-Iran Strike Exchange

Brent crude rose to $90.69 a barrel on August 31, up 2.93% from the previous close, after the US military struck Iranian rocket launchers on Larak Island that were reportedly preparing to deploy mines in the Strait of Hormuz, and Iran responded with missile and drone strikes on US-linked facilities in Jordan and the UAE. Brent is up 8.26% over the past month.

Why this matters. The price jump signals traders are pricing in renewed risk to the roughly 6-8 million barrels a day still transiting Hormuz, reversing weeks of relative price calm during the stalemate.