According to a report by Vanguard on August 31, 2026, crude oil prices climbed above $90 per barrel on Monday after renewed military exchanges between the United States and Iran increased concerns about possible disruptions to global energy supplies.
Brent crude, the international benchmark, rose by more than two per cent during trading, reaching about $90.26 per barrel around 1:30 p.m. GMT. US West Texas Intermediate also gained roughly 2.5 per cent to trade at $85.51 per barrel.
The latest increase followed fresh military action involving the two countries around the Strait of Hormuz. US forces reportedly struck Iranian rocket launchers on Larak Island, while Iran subsequently retaliated by targeting US military positions in Jordan.
The renewed confrontation has raised concerns among traders about the security of crude shipments through the Strait of Hormuz, one of the world’s most important routes for energy transportation.
Vanguard reported that about a fifth of global crude and gas normally passes through the waterway, making any prolonged disruption a potential concern for international energy markets.
The latest development comes after oil prices had declined for much of the previous week as traders monitored diplomatic efforts and changes in the security situation.
Analysts said the renewed fighting had quickly restored a geopolitical risk premium to crude prices, reflecting uncertainty over future supplies.
For oil-importing countries, a sustained rise in global crude prices could increase energy costs and place additional pressure on domestic fuel markets.
CIURTESY: JUSTINNEWS001
