USO is trading at $134.50, up 3.70% versus the previous close as renewed U.S.-Iran military tensions raise fears of disruption around the Strait of Hormuz.
- U.S. strikes on Iranian launchers near Larak Island reportedly preceded Iranian retaliation, adding geopolitical risk premium to crude.
- Brent futures climbed above $91, while WTI also rose sharply during August 31 trading.
- Crude futures rose approximately 2.43% pre-market; broader equity futures were largely flat to slightly weaker.