Global oil prices rose more than 2.7% after the U.S. and Iran launched a new round of retaliatory attacks following over a month of tension, while Donald Trump threatened a severe retaliation against Iran's attacks.
On Monday, 31 Aug 2026 GMT+7, crude oil prices closed up more than 2.5% after a new military confrontation between the U.S. and Iran reignited concerns over tight global oil supply as the conflict enters its sixth month.
Brent crude futures closed up $2.39, or 2.71%, at $90.49 per barrel, while U.S. West Texas Intermediate (WTI) crude rose $2.36, or 2.83%, to $85.76 per barrel. During the day, Brent crude prices peaked at $91.52, the highest since 25 Aug.
U.S. President Donald Trump declared he would respond harshly after Iran fired missiles at two U.S. bases in Jordan in retaliation for a U.S. strike on an Iranian missile base on Larak Island that killed two and wounded several.
The U.S.-Iran war has lasted six months with both sides maintaining a standoff. Iran continues to block the Strait of Hormuz, a key global oil shipping route, while the U.S. maintains a naval blockade in response.
Shipping data showed that the number of visible cargo vessels passing through the strait over the weekend dropped to just five per day.
"Some oil from the Arabian Gulf still passes through the strait, helping to slow price increases, but the first direct military clash in a month has forced traders to reassess short-term oil supply risk premiums," analysts at Gelber & Associates said in a report.
A factor that might ease supply concerns is Trump's Sunday statement that oil from a deal with Venezuela will be used to replenish the U.S. Strategic Petroleum Reserve, which has fallen to near its lowest level in 44 years.
Last week, the U.S. Strategic Petroleum Reserve (SPR) fell by about 3.1 million barrels to 286.6 million barrels.
Sources close to the matter said U.S. companies Chevron and GE Vernova, along with India's ONGC, Italy's Eni, and Colombia's GeoPark, are preparing to sign a final agreement in Venezuela after months of negotiations on an energy project in the South American nation.
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Source:cna