Global Oil Jumps More Than 2 Percent After US-Iran Strikes Exchange Near Strait of Hormuz

According to a report published by Oilprice.com on the morning of Monday, 9 Shahrivar 1405 (August 31, 2026), West Texas Intermediate rose 2.47 percent to 85.46 dollars a barrel and Brent climbed 2.71 percent to 90.49 dollars a barrel in Asian trading that day. The jump followed Sunday's, 8 Shahrivar (August 30), US strike on two IRGC rocket launchers on Larak Island in the Strait of Hormuz, and the IRGC's retaliatory missile and drone strikes on US bases in Jordan.

Per the same report, Jordan's armed forces said on Monday that its air defenses intercepted and destroyed eight missiles that entered its airspace. US Central Command said that as of August 30 (8 Shahrivar), its naval blockade of Iran had redirected 83 commercial vessels, disabled 3, and boarded 2.

Oilprice.com noted both benchmarks had fallen more than 4 percent over the prior week, so Monday's roughly 2 percent gain recovered only a small part of that decline, and traffic through the Strait of Hormuz, now down to about five ships a day, remains far below pre-war levels.