Oil prices surge as US-Iran conflict escalates

On August 30, 2026, the US conducted airstrikes on Iranian rocket launchers, escalating the US-Iran conflict. In retaliation, Iran targeted US military bases in Jordan, leading to a surge in oil prices. The benchmark Brent crude rose by 3.4% to $91.09 a barrel. Federal Reserve Chairman Kevin Warsh indicated a potential interest rate hike due to rising inflation, complicating the economic landscape as investors monitor upcoming data.