Oil hits highest since May as war fears grip markets
Oil surged to its highest since May on worries about US-Iran escalation, lifting Treasury yields and pressuring gold, while stocks slipped.
2 h ago6 min read
Blasts reported on Iran's key oil island as crude tests highs
Reports of explosions on Iran's Kharg Island, a key oil export hub, as WTI crude tests July highs.
08/09/2026 19:012 min read
Mehr News has published a report stating the following:
- A Mehr correspondent stationed on Kharg Island reported that multiple explosions were heard across parts of the island a few minutes ago
- The blasts were audible from the Kharg anchorage area
This report comes from a regime-affiliated media outlet, so caution is warranted; the US has been carrying out strikes on Iranian vessels.
West Texas Intermediate crude settled $1.55 higher at $93.03, now testing the July peaks once more. Kharg Island is Iran's main oil export hub.
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