Oil Prices Surge Over 3%, Brent Tops $91 Following US Strike on Iran”s Larak Island

Monday 31 August 2026 09:44

Oil prices extended their gains by more than 3% during Monday's trading, pushing Brent crude futures past the $91 per barrel threshold. The rally was triggered by a renewed military confrontation between the United States and Iran, which has thrust fears of supply disruptions through the strategic Strait of Hormuz back to the forefront of global energy markets.

Brent crude climbed 3.64% to reach $91.31 per barrel, while US West Texas Intermediate (WTI) crude rose 3.61% to trade at $86.41 per barrel. The market surge followed reports that US forces carried out a targeted strike against two launch platforms on Iran's Larak Island, located inside the Strait of Hormuz. This incident marks the first acknowledged US military strike on Iranian territory since late July 2026.