International · August 31, 2026 · 1 min read

US-Iran Strikes Resume Near Hormuz as Oil Jumps Above $90

Published August 31, 2026

The first exchange of fire in a month between Washington and Tehran sent Brent crude surging and drew fresh weekly sanctions from Treasury.

**US forces struck Iranian rocket launchers on Larak Island** Sunday near the Strait of Hormuz, thwarting what officials described as an attempted mining of the waterway. Iran retaliated with a missile strike on two U.S. bases in Jordan — eight missiles were intercepted — the first exchange of fire between the two sides in a month. **Brent crude jumped 2.24% to $90.07/barrel** and WTI rose 1.94% to $85.02/barrel on the escalation. Treasury Secretary Bessent said the U.S. will roll out secondary sanctions on Iran's banking partners weekly, while President Trump said on social media that Kharg Island — the terminal handling roughly 90% of Iran's oil exports — had been struck.

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