US-Iran strikes spike oil above $90
Analysis based on 64 articles · First reported Aug 30, 2026 · Last updated Sep 01, 2026
Oil prices jumped over 3% as the US-Iran flare-up threatened supply through the Strait of Hormuz, adding to inflationary pressures. Equities fell and bond yields rose as investors priced in a higher chance of a United States — Federal Reserve rate hike, with the Dow losing 0.7%.
On August 31, 2026, oil prices surged above $90 per barrel after the United States and Iran exchanged military strikes, escalating their six-month conflict. U.S. forces struck two rocket launchers on Iran's Iran — Larak Island in the Strait of Hormuz, the first American strikes on Iran in a month. In retaliation, Iran attacked U.S. military targets in Jordan and reportedly hit a tanker in the strait. President Donald Trump claimed Iran — Kharg Island, Iran's main oil terminal, was being 'blown to smithereens,' though Iran denied any attack and said oil operations continued. The renewed hostilities revived concerns about supply disruptions through the Strait of Hormuz, through which a fifth of global crude normally passes, and stalled peace efforts. Concurrently, United States — Federal Reserve Chair Kevin Warsh's hawkish Jackson Hole speech raised expectations of a September rate hike, with markets pricing a 57% probability. This contributed to higher bond yields and pressured global equities. The U.S. Treasury Secretary Scott Bessent indicated plans for weekly secondary sanctions on Iran and a meeting with the Japan — Bank of Japan head. The conflict's impact on energy prices and inflation remains a key focus for central banks and markets.
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