Crude Oil Rallies on Fresh US-Iran Strikes

2026-08-31 10:37 By Agna Gabriel 1 min. read

Crude oil rose more than 3% to above $86 a barrel on Monday as tensions in the Middle East escalated, with the US and Iran exchanging strikes for the first time in roughly a month and new concerns emerging over shipping through the Strait of Hormuz.

US forces targeted Iranian rocket launchers that were reportedly preparing to deploy mines in the strategic waterway, while Iran claimed attacks on US bases in Jordan.

Tehran also reported that a supertanker attempting to cross Hormuz’s southern route had struck two mines, although the incident has not been independently confirmed.

Oil prices have gained around 2% in August, following a sharp 22% increase in July, as markets continue to react to shifting prospects for an end to the conflict.

Washington’s economic pressure campaign and naval blockade have disrupted Iranian exports, although traders estimate that around 6–8 million barrels of crude per day, mainly from other Gulf producers, continue to transit Hormuz.



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Crude Oil Rallies on Fresh US-Iran Strikes
Crude oil rose more than 3% to above $86 a barrel on Monday as tensions in the Middle East escalated, with the US and Iran exchanging strikes for the first time in roughly a month and new concerns emerging over shipping through the Strait of Hormuz. US forces targeted Iranian rocket launchers that were reportedly preparing to deploy mines in the strategic waterway, while Iran claimed attacks on US bases in Jordan. Tehran also reported that a supertanker attempting to cross Hormuz’s southern route had struck two mines, although the incident has not been independently confirmed. Oil prices have gained around 2% in August, following a sharp 22% increase in July, as markets continue to react to shifting prospects for an end to the conflict. Washington’s economic pressure campaign and naval blockade have disrupted Iranian exports, although traders estimate that around 6–8 million barrels of crude per day, mainly from other Gulf producers, continue to transit Hormuz.
2026-08-31
Oil Rises as US Strikes Iranian Rocket Launchers
Crude oil climbed above $85 per barrel on Monday, starting the week higher after the US military targeted Iranian rocket launchers preparing to deploy mines into the Strait of Hormuz, marking the first such attack in more than a month. US forces also said they are closely monitoring the waterway and remain prepared to safeguard the free flow of commerce. The US last launched missiles at Iranian targets in late July but has since shifted its focus toward squeezing the country’s economy through sanctions to push Tehran back to the negotiating table. An Iranian official said Friday that resuming diplomacy with the US “isn’t impossible” following constructive discussions with Qatar, a mediator in the conflict. Meanwhile, reports indicated that around 6 to 8 million barrels of crude are still flowing through Hormuz each day despite the absence of a peace agreement between Washington and Tehran.
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Crude Oil Posts Weekly Loss
Crude oil fell to $83.4 a barrel on Friday, extending weekly losses to about 4%, as traders increasingly viewed the Iran situation as an economic/sanctions confrontation rather than an imminent threat to physical supply, while improving flows through Hormuz and the proposed Iran–Oman corridor further reduced the perceived supply risk. Goldman Sachs estimated that Persian Gulf oil exports have climbed to around 15–16 million barrels per day, still significantly below pre-conflict volumes of 22–24 million barrels but well above the March low of about 5–6 million barrels. Meanwhile, Iran and Oman agreed on a revenue-sharing framework for the strait, although Tehran emphasized that this does not imply an immediate reopening. Still, the Trump administration reportedly told mediators it does not intend to revive the terms of a preliminary June agreement with Iran that subsequently collapsed.
2026-08-28