US Strikes Larak Island, Brent Tops $90 as Hormuz Risks Return
🛢 On August 30, US forces struck two IRGC launchers on Iran’s Larak Island near the Strait of Hormuz, alleging the sites were being prepared to deploy mines along the strategic shipping route.
📈 In early Asian trading on August 31, Brent crude rose 2.52% to $90.32 a barrel, while WTI gained 2.41% to $85.41.
📉 The rally later eased, with Brent retreating to around $89.4–$89.5. The move suggests markets are adding a geopolitical risk premium, but are not yet pricing in a new major supply shock.
⚠️ Iran responded with missiles targeting a US base in Jordan, but Hormuz remains the key variable for oil. Renewed mine-laying activity or attacks on commercial vessels could significantly increase upward pressure on prices.
#Oil $CL
🛢 On August 30, US forces struck two IRGC launchers on Iran’s Larak Island near the Strait of Hormuz, alleging the sites were being prepared to deploy mines along the strategic shipping route.
📈 In early Asian trading on August 31, Brent crude rose 2.52% to $90.32 a barrel, while WTI gained 2.41% to $85.41.
📉 The rally later eased, with Brent retreating to around $89.4–$89.5. The move suggests markets are adding a geopolitical risk premium, but are not yet pricing in a new major supply shock.
⚠️ Iran responded with missiles targeting a US base in Jordan, but Hormuz remains the key variable for oil. Renewed mine-laying activity or attacks on commercial vessels could significantly increase upward pressure on prices.
#Oil $CL
