{"id":69622,"date":"2026-08-31T04:46:29","date_gmt":"2026-08-31T04:46:29","guid":{"rendered":"https:\/\/newsvog.com\/ur\/69622"},"modified":"2026-08-31T04:46:31","modified_gmt":"2026-08-31T04:46:31","slug":"oil-jumps-more-than-2-after-us-attack-on-irans-larak-island","status":"publish","type":"post","link":"https:\/\/newsvog.com\/ur\/69622","title":{"rendered":"Oil jumps more than 2% after US attack on Iran’s Larak island"},"content":{"rendered":"


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Oil prices were trading more than 2% \u200chigher on Monday after the US attacked an Iranian island in the Strait of Hormuz and drew retaliation from Tehran, as conflict in the Middle East extended into its sixth month.<\/strong><\/p>\n

Brent crude futures climbed $2.51, or 2.85%, to $90.61 a barrel as of 0241 \u200bGMT while US West Texas Intermediate crude was at $85.53, up $2.13, or 2.55%.<\/p>\n

US forces struck two launchers \u200bon Iran\u2019s Larak island in the Hormuz strait on Sunday, the first known American strikes \u2060on the Gulf nation since late July.<\/p>\n

In response, Iran attacked two US air bases in Jordan, Iranian media \u200breported on Monday citing Iran\u2019s Revolutionary Guards.<\/p>\n

\u201cLooks like we are in another escalation phase. How long that lasts \u200bis impossible to determine. Could be days, could be weeks,\u201d IG market analyst Tony Sycamore said.<\/p>\n

Technical charts showed that if the conflict escalated and pushed WTI above resistance at $85.80 to $85.90 a barrel, it would open the way for further gains, initially to \u200blast week\u2019s $87.69 high followed by July\u2019s $93.50 high, Sycamore said.<\/p>\n

Negotiations to end the conflict are at an impasse \u200bwhile mediators work to reopen the Strait of Hormuz, through which a fifth of the world\u2019s oil flowed before the war \u200cbegan \u2060at the end of February.<\/p>\n

Read more: US strikes Iranian launchers on Larak Island<\/a><\/strong><\/em><\/p>\n

US Treasury Secretary Scott Bessent told Reuters on Sunday that the US is likely to issue new secondary sanctions weekly on Iran, with the aim of cutting the Islamic republic off entirely from the dollar-based financial system.<\/p>\n

Brent and WTI are set to post small declines in August after falling more than 4% \u200blast week, in what \u200bwas their first weekly \u2060decline in three.<\/p>\n

While the path to a deal to reopen the strait is elusive, increases in oil flows through the Hormuz strait kept concern over supply disruption in \u200bcheck, ANZ analysts said in a client note.<\/p>\n

The number of visible commodity vessels \u200bthat sailed \u2060through the Strait of Hormuz over the weekend dropped to five a day, shipping data showed on Monday, reflecting caution among companies wary of attacks on ships.<\/p>\n

The United Kingdom Maritime Trade Operations reported on Sunday that a tanker was struck \u2060by a \u200bprojectile while sailing inbound through the strait on Saturday.<\/p>\n<\/div>\n


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Oil prices were trading more than 2% \u200chigher on Monday after the US attacked an Iranian island in the Strait of Hormuz and drew retaliation from Tehran, as conflict in the Middle East extended into its sixth month. Brent crude futures climbed $2.51, or 2.85%, to $90.61 a barrel as of 0241 \u200bGMT while US West Texas Intermediate crude was…<\/p>\n","protected":false},"author":1,"featured_media":69623,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_kad_blocks_custom_css":"","_kad_blocks_head_custom_js":"","_kad_blocks_body_custom_js":"","_kad_blocks_footer_custom_js":"","_kad_post_transparent":"","_kad_post_title":"","_kad_post_layout":"","_kad_post_sidebar_id":"","_kad_post_content_style":"","_kad_post_vertical_padding":"","_kad_post_feature":"","_kad_post_feature_position":"","_kad_post_header":false,"_kad_post_footer":false,"_kad_post_classname":"","footnotes":""},"categories":[16],"tags":[],"class_list":["post-69622","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-pakistan"],"taxonomy_info":{"category":[{"value":16,"label":"Pakistan"}]},"featured_image_src_large":["https:\/\/newsvog.com\/ur\/wp-content\/uploads\/1788151590_Oil-3-1024x555.jpg",1024,555,true],"author_info":{"display_name":"frkhokhar@gmail.com","author_link":"https:\/\/newsvog.com\/ur\/author\/frkhokhargmail-com"},"comment_info":0,"category_info":[{"term_id":16,"name":"Pakistan","slug":"pakistan","term_group":0,"term_taxonomy_id":16,"taxonomy":"category","description":"All about Pakistan","parent":0,"count":4061,"filter":"raw","cat_ID":16,"category_count":4061,"category_description":"All about Pakistan","cat_name":"Pakistan","category_nicename":"pakistan","category_parent":0}],"tag_info":false,"_links":{"self":[{"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/posts\/69622","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/comments?post=69622"}],"version-history":[{"count":1,"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/posts\/69622\/revisions"}],"predecessor-version":[{"id":69624,"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/posts\/69622\/revisions\/69624"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/media\/69623"}],"wp:attachment":[{"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/media?parent=69622"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/categories?post=69622"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/newsvog.com\/ur\/wp-json\/wp\/v2\/tags?post=69622"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}