Oil rises above $90 as supply disruption fears intensify

August 31, 2026 (MLN): Oil prices moved higher Monday as concerns over potential supply disruptions intensified following a U.S. strike on two Iranian rocket launchers on Larak Island in the Strait of Hormuz.

Currently, Brent crude futures is up, 2.81%, at $90.58 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $2.16, or 2.59%, to $85.56 per barrel by [11:00 am] PST.

The U.S. Central Command confirmed that American forces targeted the launchers after Iranian Revolutionary Guard Corps personnel were observed preparing to fire rockets carrying sea mines into the strategic waterway, according to CNBC.

The attack marked the first publicly acknowledged U.S. strike against Iranian positions since late July, according to the Associated Press.

Iran’s Revolutionary Guards Corps said several of its soldiers were killed and wounded in the strike. Iranian media also reported that Iran responded by targeting U.S. military bases in Jordan.

The Strait of Hormuz, a critical passage for global energy shipments, has faced severe disruption amid the conflict, which has now entered its sixth month.

Supply risks are expected to remain elevated, with global oil inventories likely to fall further in the coming weeks and months.

Meanwhile, global refining capacity is facing mounting pressure as attacks on refineries in the Middle East and Russia have tightened supplies, pushing refined product margins to fresh highs.

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