Crude oil prices were on course to book another weekly loss despite no sign of any progress being made towards peace between Iran and the United States. At the time of writing, Brent crude was trading at $89.17 per barrel, with West Texas Intermediate at $83.19 per barrel. Brent was down by 5.
Oil prices climbed in early Asian trade on Monday after the U.S. struck Iran for the first time in over a month, with Iran then retaliating against U.S. bases in Jordan. At the time of writing, WTI front-month futures were trading at $85.46 per barrel, up 2.
Crude oil prices jumped on Monday after the U.S. attacked Iran's Larak Island, prompting Iran to retaliate, the first known military action from either country after weeks of stalemate. Futures for Brent crude, the international benchmark, for September rose 3.4 percent to trade at $91.
Oil prices jumped 3% overnight Aug. 31, 2026, after the U.S. and Iran traded strikes in the Strait of Hormuz. The clash marks the first major fighting in the region in over a month.
Oil prices rose further Tuesday as renewed military exchanges between the United States and Iran, coupled with Donald Trump’s vow to hit Tehran “hard,” fueled fears of a broader escalation after weeks of relative calm. Follow our live blog for the latest developments.
Crude oil prices extended their earlier climb after President Trump issued his latest threat to Iran, following the first exchange of fire in weeks. At the time of writing, Brent crude was trading at $91.48 per barrel, with West Texas Intermediate at $86.
