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US Airstrikes on Iran Lift Brent Above $95.40

9/2/2026

41 6 Full Breakdown

Summary

Story summary

The United States launched airstrikes on Iranian targets, pushing global oil prices higher.
Brent crude futures rose 0.8% to $95.40 a barrel by 03:45 GMT on September 2.
Only five vessels transited the Strait of Hormuz on Monday, below the 10-day average of 14.
Iran’s Revolutionary Guard warned the strikes would further restrict strait traffic, which carries about one-fifth of oil consumption.

History

Historical Context

During the 1991 Gulf War, the United States launched Operation Desert Storm, flying more than 100,000 sorties that drove Iraqi forces out of Kuwait and threatened Saudi oil fields, prompting UN Security Council resolutions and market volatility. Today’s strikes on Iranian Revolutionary Guard sites echo that air-campaign, reviving the same strategic concern over Hormuz-chokepoint oil flow.

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Story summary

The United States launched airstrikes on Iranian targets, pushing global oil prices higher.
Brent crude futures rose 0.8% to $95.40 a barrel by 03:45 GMT on September 2.
Only five vessels transited the Strait of Hormuz on Monday, below the 10-day average of 14.
Iran’s Revolutionary Guard warned the strikes would further restrict strait traffic, which carries about one-fifth of oil consumption.

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