Oil prices rose more than 2.5% on August 31 after renewed military action between the United States and Iran heightened concerns over disruptions to global energy supplies. Brent crude futures settled 2.71% higher at $90.49 per barrel, while U.S. West Texas Intermediate rose 2.83% to $85.76 per barrel. The increase followed renewed U.S.-Iran strikes near the Strait of Hormuz, while efforts to restore normal shipping through the strategic waterway remained stalled. Although some Gulf oil shipments continued to transit the strait, reduced vessel traffic and renewed hostilities increased uncertainty over regional energy flows.