16:45 - 31.08.2026

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August 31, Fineko/abc.az. Global oil prices surged over 3% on Monday following escalations between U.S. forces and Iran as their regional conflict entered its sixth month.

Brent crude futures climbed $2.87, or 3.26%, to $90.97 a barrel, while U.S. West Texas Intermediate (WTI) crude gained $2.91, or 3.49%, reaching $86.31 per barrel.

The price escalation followed U.S. strikes targeting two Iranian missile launchers on Larak Island in the Strait of Hormuz. In retaliation, Iran's Islamic Revolutionary Guard Corps (IRGC) reported launching attacks against two U.S. air bases located in Jordan.

Market analysts note that renewed military actions and heightened risks of potential supply chain disruptions continue to push energy benchmarks higher.