{
  "id": 4616400,
  "title": "Oil rises over 3% as US, Iran resumes military attacks",
  "url": "https://urgent.news/2026/08/31/oil-rises-over-3-as-us-iran-resumes-military-attacks-4616400",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-31T07:47:45.000Z",
  "source": {
    "name": "Channel News Asia",
    "slug": "channel-news-asia",
    "url": "https://www.channelnewsasia.com/business/oil-rises-over-3-us-iran-resumes-military-attacks-6350896"
  },
  "original_language": "en",
  "account": "Oil prices surged over 2.5% on Monday following the resumption of military action between the United States and Iran, igniting fears of a potential global supply disruption. Brent crude futures rose 2.71% to $90.49 a barrel, while US West Texas Intermediate crude increased 2.83% to $85.76. This upward movement brought Brent's price to its highest since August 25. US President Donald Trump pledged to \"hit them hard\" in response to Iran's retaliatory missile attack on two US air bases in Jordan, as reported by a Fox News correspondent. Despite Trump's promise of retaliation, Iran denied reports of an attack on Kharg Island, stating oil operations continued there. Mediators are attempting to reach an agreement to reopen the Strait of Hormuz, a critical route for a fifth of global oil supplies that has been closed since the conflict's start in late February. Shipping data revealed that only five vessels were transiting the strait daily over the weekend, momentarily tempering the rally but still contributing to the renewed supply premium concerns. US Treasury Secretary Scott Bessent stated that the objective of US sanctions on Iran is to compel them to negotiate, with Trump announcing that oil secured from a Venezuela deal would replenish the US Strategic Petroleum Reserve, which had fallen to its lowest level in 44 years. Major oil companies, including Chevron, GE Vernova, ONGC, Eni, and GeoPark, are expected to finalize agreements with Venezuela for energy projects.",
  "summary": null,
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 3,
    "also_reported_by": [
      {
        "outlet": "Business Recorder",
        "title": "Iran says targeted US military in UAE, Jordan: state TV",
        "url": "https://urgent.news/2026/08/31/iran-says-targeted-us-military-in-uae-jordan-state-tv",
        "published": "2026-08-31T06:14:08.000Z"
      },
      {
        "outlet": "CNA - Business",
        "title": "Oil rises as US, Iran resume military attacks",
        "url": "https://urgent.news/2026/08/31/oil-rises-as-us-iran-resume-military-attacks",
        "published": "2026-08-31T07:47:45.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}