Oil Tops $90 a Barrel as US and Iran Trade Fresh Strikes

Global oil prices jumped early Monday, 9 Shahrivar 1405 (August 31, 2026), in Asian trading, after US forces struck two Islamic Revolutionary Guard Corps rocket launchers on Larak Island near the Strait of Hormuz, and Iran responded by firing missiles at a US base in Jordan. According to Gulf News, citing Reuters data, Brent crude rose to $90.32 a barrel at 7:02am Tokyo time, breaking above the psychological $90 level, while US West Texas Intermediate rose to $85.41. Shortly after, at 9:20am Tokyo time, the OilPrice market dashboard showed Brent at $89.45, up 1.53 percent, and WTI at $84.57, up 1.40 percent; the UAE's flagship Murban crude posted the sharpest move, jumping more than 4 percent to $95.75, a reaction Gulf News said reflects the market's heightened sensitivity to Gulf supply and shipping risk.

According to a data provider, Brent settled at $90.45 by the end of that day's trading, up 2.67 percent, a gain that brings its rise for August as a whole to about 3 percent and for the past month to nearly 8 percent. Global oil prices matter for Iran's market in two ways: they affect government export revenue and the budget, while rising geopolitical risk tends to lift safe haven demand for gold and hard currency in the domestic market.