02.09.2026 06:40
As attacks between the US and Iran resume, raising supply concerns in global markets, the price of Brent crude oil rose 7.8% to $95.27 per barrel. Following the US strike on a wedding hall in Sirik, Iran's retaliation against US bases and escalating tensions in the Strait of Hormuz triggered a sharp rise in oil prices.
The impact of renewed clashes between the US and Iran has been reflected in global markets. Mutual attacks and concerns over potential disruptions in the Strait of Hormuz, one of the world's most critical energy transit points, have led to a sharp rise in oil prices.
After rising to $89.12 yesterday and closing the day at $88.37, the December futures price of Brent crude oil increased by 7.8% compared to the previous close, reaching $95.27 as of 23:19 today.
At the same time, the October futures price of West Texas Intermediate (WTI) crude oil was trading at $90.77 per barrel.
WEDDING HALL ATTACK ESCALATES TENSIONS
Behind the sharp rise in oil prices are the renewed mutual attacks between the US and Iran.
The US targeted a residence in Kuhestek, a town in Sirik County, Hormozgan Province, Iran, where a wedding ceremony was being held. In his initial statement, Hormozgan Deputy Governor Ahmad Nafisi reported that 2 people were killed and 50 were injured in the attack. Nafisi later announced that the death toll had risen to 4.
RETALIATION AGAINST US BASES
Following the attack, the Iranian Armed Forces announced that they had launched operations against US bases in the region.
The Islamic Revolutionary Guard Corps announced that, in retaliation for the attack on the wedding hall, it had targeted the 'Camp Titin' base, belonging to US Marines in Jordan, with ballistic missiles.
The Iranian military also reported that kamikaze drones had been used to attack US radar facilities at Sheikh Isa Air Base in Bahrain, as well as centers where US soldiers are stationed.
The Revolutionary Guards stated that US attacks further increased pressure on the Strait of Hormuz and signaled that they would continue to respond to the attacks.
TRUMP'S THREAT OF 'BIGGER ATTACK'
US President Donald Trump announced that if the Iranian military retaliates, they will carry out 'bigger' attacks against Iran.
Trump stated, 'The US is currently attacking Iranian targets near the Strait of Hormuz. These are large-scale and powerful attacks.'
The US President argued that these attacks were in response to Iran's attempts to re-lay naval mines in the Strait of Hormuz and the firing of 8 missiles at the American base in Jordan.
EYES ON THE STRAIT OF HORMUZ
With the resurgence of mutual attacks, attention in energy markets turned to the Strait of Hormuz. Concerns that energy shipments through the strait could be disrupted if the conflicts prolong drove oil prices upward.
As uncertainty over global oil supply increased, the price of Brent crude oil rose by 7.8% to reach $95.27 per barrel.
CRITICAL LEVELS FOR BRENT CRUDE
Technically, for Brent crude, $95.95 is being tracked as a resistance level, while $90.77 is seen as a support zone.
The course of the mutual attacks between the US and Iran, and especially developments in the Strait of Hormuz, are of critical importance for the direction of oil markets.