Global Oil Prices Surge Over 3% Amid U.S.-Iran Military Clashes; Brent Crude Nears $91

International oil prices surged on the 31st, local time, as the United States and Iran resumed military exchanges after about a month.

At 9:48 a.m. Eastern Time that day, October futures for Brent crude on London's ICE Futures Exchange were trading at $91.22 per barrel, up 3.54% from the previous session.

At the same time, West Texas Intermediate (WTI) for October delivery on the New York Mercantile Exchange stood at $86.23 per barrel, up 3.39% from the previous session.

The rise in oil prices was triggered by U.S. forces launching airstrikes the previous day against two rocket launchers on Iran's Larak Island in the Strait of Hormuz.

Iran immediately retaliated, launching missile and drone attacks targeting U.S. military bases in Jordan and the United Arab Emirates (UAE).

U.S. President Donald Trump posted on Truth Social, threatening Iran's largest crude oil export hub, Kharg Island, writing that it would be "blown to smithereens."

As direct military engagement between the two countries, which had been relatively quiet for about a month, resumed, concerns over a blockade and supply disruptions in the Strait of Hormuz—a vital chokepoint for global oil transport—have escalated once again.

(Photo: Getty Images)
※ Please note: This article was translated by AI and may contain errors.