Global Oil Prices Surge Around 5% Amid Resumed US-Iran Clashes; WTI Surpasses $90

International oil prices surged sharply as military clashes between the United States and Iran resumed on September 1, local time.

On this day, Brent crude futures for November delivery on London's ICE Futures Exchange settled at $94.65 per barrel, up 4.60% from the previous session.

West Texas Intermediate (WTI) futures for October delivery on the New York Mercantile Exchange ended trading at $90.22 per barrel, up 5.20% from the previous session.

Brent crude reached its highest level since July 24, and WTI since July 23, with both benchmarks rising 5.98% and 8.18%, respectively, over the past two trading sessions.

International oil prices, which had shown an increase of around 2% earlier in the day, expanded their gains following news that the United States had launched fresh airstrikes against Iran just two days later.

The US Central Command stated that it launched airstrikes targeting Islamic Revolutionary Guard Corps (IRGC) facilities in Iran at noon, Eastern Time, on the same day.

It added that the action was taken in response to recent attempts by the IRGC to attack commercial vessels in the Strait of Hormuz and US forces deployed in the Middle East.

Iran has also warned of a counterattack.

In a statement released on the same day, the IRGC characterized the US airstrikes on its southern coast as an "act of desperation" and announced that it has initiated strong retaliatory measures.

As direct military exchanges continue between the two countries, concerns over disruptions to crude oil supplies surrounding the Strait of Hormuz, a major oil shipping route, have grown even further.
※ Please note: This article was translated by AI and may contain errors.