Brent Tops $92

2026-09-01 10:10 By Agna Gabriel 1 min. read

Brent rose above $92 a barrel on Tuesday, following a 2.7% gain on Monday, as renewed hostilities between the US and Iran heightened concerns over prolonged disruptions to energy shipments through the Strait of Hormuz.

US forces struck an island in the strategic waterway, prompting Iran to retaliate with attacks on US-linked targets in the UAE and Jordan, marking the first direct exchange of fire in about a month.

Two supertankers were reportedly hit by unidentified projectiles while transiting the chokepoint, highlighting the risks facing vessels in the region.

Despite the escalating tensions, crude exports continue to move through Hormuz, with some tankers reportedly switching off their transponders.

Producers including Saudi Arabia, the UAE, Kuwait and Iraq are still managing to ship barrels.

However, the threat of further attacks remains a major concern, particularly after a tanker was reportedly struck by three unidentified projectiles near Oman while exiting the waterway.



News Stream
Brent Tops $92
Brent rose above $92 a barrel on Tuesday, following a 2.7% gain on Monday, as renewed hostilities between the US and Iran heightened concerns over prolonged disruptions to energy shipments through the Strait of Hormuz. US forces struck an island in the strategic waterway, prompting Iran to retaliate with attacks on US-linked targets in the UAE and Jordan, marking the first direct exchange of fire in about a month. Two supertankers were reportedly hit by unidentified projectiles while transiting the chokepoint, highlighting the risks facing vessels in the region. Despite the escalating tensions, crude exports continue to move through Hormuz, with some tankers reportedly switching off their transponders. Producers including Saudi Arabia, the UAE, Kuwait and Iraq are still managing to ship barrels. However, the threat of further attacks remains a major concern, particularly after a tanker was reportedly struck by three unidentified projectiles near Oman while exiting the waterway.
2026-09-01
Brent Extends Gains as Supply Risks Persist
Brent crude climbed toward $92 per barrel on Tuesday, extending gains from the previous session as renewed hostilities in the Middle East raised concerns about further disruptions to energy flows from the region. US forces targeted two Iranian rocket launchers on Larak Island, while Tehran responded with attacks on the UAE and Jordan, marking a resumption of hostilities between the US and Iran after roughly a month of relative calm. President Donald Trump also extended military threats to Kharg Island, Iran’s key oil export hub. Meanwhile, oil shipments continue to pass through the Strait of Hormuz, with major Gulf producers including the UAE, Saudi Arabia, Kuwait, and Iraq still exporting some volumes. However, a supertanker caught fire in the strait after hitting two naval mines, underscoring the persistent risks facing Hormuz shipping. Elsewhere, refinery strikes in Russia have further tightened global refining capacity, driving refined-product margins to fresh highs.
2026-08-31
Brent Rises as Middle East Tensions Escalate
Brent crude oil climbed above $90 a barrel on Monday as tensions escalated in the Middle East. US forces struck two Iranian rocket launchers on Larak Island, marking a return to combat between the US and Iran after roughly a month. President Trump reportedly said, “We’re going to hit them very hard,” after Iran said it attacked two US bases in Jordan in response. Trump also extended military threats to Kharg Island, Iran’s main oil export terminal. Strikes on refineries in the Middle East and Russia have further constrained global refining capacity, pushing refined-product margins to new highs. The US SPR has been drawn close to minimum operational levels amid increased crude exports. Meanwhile, a supertanker caught fire after hitting two naval mines in the southern Strait of Hormuz, according to Iranian state media. Asian importers, including China, Japan and South Korea, have turned to suppliers as far away as Argentina to offset supply losses from the Middle East.
2026-08-31