The fragile calm that had briefly pulled Brent below US$86 a barrel in late August unravelled fast. On 5 September, the US struck three Iranian oil tankers in retaliation for Iranian ballistic-missile strikes on two US Navy warships, and Iran subsequently attempted a further attack on Navy vessels on Monday.
By Tuesday, Iranian state media reported a US missile had struck a small tanker just four miles from Kharg Island, the terminal that handles the overwhelming majority of Iran’s own crude exports. That is a notable escalation: for most of this year’s conflict, strikes have clustered around the strait itself rather than the export infrastructure Iran depends on to fund the war.
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