Oil Rises As US and Iran Exchange Attacks | The Opening Trade 8/31/2026

Brent crude oil prices rose on August 31, 2026, after the United States conducted military strikes on an island in the Strait of Hormuz. Iran responded with attacks on the United Arab Emirates and Jordan, marking the first exchange of strikes between the countries in approximately one month. The price movement reflected market reaction to the escalation in hostilities between the nations.

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