Oil prices jump over 2% after US-Iran direct conflict re-ignites after a month of pause

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Oil prices jump over 2% after US-Iran direct conflict re-ignites after a month of pause

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August 31, 2026

Following a U.S. military strike on Iranian launchers in the strategic Strait of Hormuz, oil prices have surged. In retaliation, Iran launched attacks on two U.S. air bases in Jordan. Jordan’s military successfully intercepted eight missiles aimed at its territory early Monday, escalating the ongoing conflict in the Middle East, now entering its sixth month. Shipping activities through the Strait of Hormuz have notably dipped due to rising tensions.

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Oil prices jump over 2% after US-Iran direct conflict re-ignites after a month of pause

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