Brent crude surpassed $90 per barrel on August 31, surging roughly 2.8% after US and Iranian forces exchanged military strikes in and around the Strait of Hormuz. US forces destroyed two Iranian rocket launchers on Larak Island, while Iran responded with missile attacks targeting two US air bases in Jordan. This exchange marks the first direct military confrontation between the two countries in over a month, within a broader conflict that has been ongoing for roughly six months. Analysts forecast Brent to trade in a range between $85 and $95 per barrel, with shipping traffic through the Strait of Hormuz remaining significantly below pre-conflict levels.
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