Trump says the U.S. Navy has cleared every mine from the Strait of Hormuz. Will Brent crude settle below $85 a barrel on Aug 31?

Brent crude did not settle below $85 a barrel on August 31, 2026; the benchmark traded in the high $80s to around $90 that week, well above the threshold. Oil prices had been easing through late August after U.S. forces reported clearing Iranian sea mines from internationally recognized shipping lanes in the Strait of Hormuz, a step that reduced, but did not eliminate, the risk premium built into crude prices during months of U.S.-Iran tension. By August 28, Brent traded near $87.58 a barrel, down modestly on the day as Iran signaled it could restore broader maritime traffic if Washington met certain conditions, and prices continued to firm rather than fall toward $85 as the month closed. The Strait of Hormuz is a critical chokepoint for global oil shipments, and the monthslong disruption tied to the U.S.-Iran standoff had kept a floor under prices even as diplomatic signals turned more positive. Full reopening of commercial traffic through the strait remained incomplete, keeping traders cautious about pricing in a swift return to pre-crisis supply levels. The community correctly anticipated prices would hold above $85, with only 37% predicting a settle below that mark, matching the eventual outcome.