Oil Settles More Than 2.5% Higher as Military Attacks Resume

August 31, 2026

News summary: Reuters reported Brent rose $2.39, or 2.71%, to settle at $90.49/bbl and WTI gained $2.36, or 2.83%, to $85.76/bbl after direct U.S.-Iran military action resumed.

Market context: The renewed supply-risk premium strengthened the case for timestamped benchmarks, short offer validity and separate confirmation of freight, insurance and vessel acceptance.