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Oil Prices Surge 5% as U.S.-Iran Military Conflict Escalates; WTI Breaks $90

Energy Minerals · Oil & Gas Production · yonhap_finance · 2026-09-01

Global oil prices jumped nearly 5% as renewed military hostilities between the U.S. and Iran sparked fears of supply disruptions in the Strait of Hormuz.

What Happened

Oil Price Surge: Global oil prices spiked by approximately 5% following the resumption of military hostilities between the United States and Iran. Both Brent crude and West Texas Intermediate (WTI) reached their highest levels since late July as market volatility intensified.

Conflict Escalation: The U.S. Central Command confirmed strikes against Iranian Revolutionary Guard Corps (IRGC) targets in response to recent threats against commercial vessels and U.S. forces. Iran has vowed a strong retaliation, signaling a continued escalation in direct military confrontation between the two nations.

Supply Chain Fears: The conflict has heightened concerns regarding potential disruptions to energy shipments through the Strait of Hormuz, a critical global oil transit route. Analysts warn that sustained military engagement could lead to long-term instability in global energy supply chains.

Market Impact: Crude oil prices extended their gains throughout the day as news of the strikes broke, reflecting heightened geopolitical risk premiums. The rapid price increase over the last two trading sessions underscores the market's sensitivity to instability in the Middle East.

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