Crude Oil Prices Surge Over 2% Amid US-Iran Tensions, Raising Concerns for Cambodian Economy

International crude oil prices traded at a higher price of over 2% on August 31, 2026, following a new US airstrike on an Iranian island in the Strait of Hormuz, which has prompted retaliation from Tehran as the conflict between the two nations enters its sixth month, according to Reuters. Brent crude, the international benchmark, rose by $2.21, or 2.51%, to $90.31 a barrel as of 11:30 AM (Cambodia time). Meanwhile, US West Texas Intermediate crude was priced at $85.23, up $1.83, or 2.19%. US forces struck two missile launch systems on Iran's Larak Island in the Strait of Hormuz last Sunday, marking the first US strike on Iran since late July. In response, Iranian media reported on Monday, citing the Iranian Revolutionary Guard Corps, that Iran had attacked two US air force bases within Jordan. US President Donald Trump posted a short message on social media on Sunday, claiming that Iran's energy hub, Kharg Island, was completely destroyed. However, there is no evidence that the island is under attack, and the post was accompanied only by an AI-generated video clip with no further details. Negotiations to end the conflict in the Middle East are at a standstill, as mediators are trying to reopen the Strait of Hormuz, a shipping lane for one-fifth of the world's oil, before the war began in late February.