31.08.2026 12:11
The US strike on Iran's Larak Island and Tehran's retaliatory attack on US bases in Jordan have raised oil prices. Brent crude rose 2% to $89.87, while uncertainty in the Strait of Hormuz increased market concerns. Experts expect oil to trade in the $85-95 range under current conditions.
As tensions rise again in the conflicts between the US and Iran, energy markets started the week with a lively pace. Following the US forces striking two launchers on Iran's Larak Island in the Strait of Hormuz, oil prices gained approximately 2 percent.
Brent crude oil rose to $89.87 per barrel, while US West Texas Intermediate (WTI) crude traded at $84.85 per barrel, up 1.74 percent.
US STRIKES LARAK ISLAND
US forces targeted two launchers on Iran's Larak Island in the Strait of Hormuz on Sunday. The attack was recorded as the first known US strike on Iranian territory since the end of July.
Iran responded to the attack. According to information attributed to Iran's Islamic Revolutionary Guard Corps, Tehran targeted two US air bases in Jordan.
TRUMP'S NOTEWORTHY KHARG ISLAND POST
US President Donald Trump made a post claiming that Kharg Island, one of Iran's key energy centers, was under heavy attack.
However, while there is no evidence confirming that Kharg Island was attacked, Trump's post was accompanied by a video created with artificial intelligence.
The Iranian administration also denied the statement that an attack was carried out on Kharg Island, reporting that oil activities continue.
STRAIT OF HORMUZ IN FOCUS OF OIL MARKET
One of the most important factors in the rise in oil prices was the uncertainty in the Strait of Hormuz. Before the war began in late February, about one-fifth of the world's oil was transported through this route.
As talks to end the conflicts hit a deadlock, mediators continue their efforts to reopen the Strait of Hormuz.
The number of visible commercial ships passing through the strait over the weekend dropping to just 5 per day showed that shipping companies are acting cautiously against the risk of attacks.
BULLET HITS TANKER
Another development that increased security concerns in the region occurred on Saturday. It was reported that a tanker passing through the Strait of Hormuz was hit by a projectile.
Energy market experts assess that if the uncertainty regarding the reopening of the Strait of Hormuz continues, the high trend in oil prices may persist.
Suvro Sarkar, Head of Energy Research at DBS, predicted that under current conditions, oil prices could move in the range of $85 to $95 per barrel.
NEW SANCTIONS ON IRAN ON THE WAY
US Treasury Secretary Scott Bessent also stated that economic pressure on Iran would be increased, signaling that the Washington administration could announce new secondary sanctions against Tehran every week.
The resurgence of US-Iran tensions and the continued uncertainty in the Strait of Hormuz, one of the world's most critical oil transit points, are causing energy markets to remain focused on developments from the region in the coming days.