Crude Gains as US-Iran Hostilities Escalate

2026-09-02 20:58 By Isabela Couto 1 min. read

Crude oil rebounded to trade over $90.50 a barrel on Wednesday, extending a two-session rally that lifted prices to a six-week high.

Renewed hostilities between the US and Iran magnified disruption to Middle East crude exports.

The US completed a wave of strikes against Iran on Tuesday, according to US Central Command.

Iran’s state media reported that the Revolutionary Guard retaliated by targeting US military positions in Jordan, Kuwait, Bahrain, Iraq, and the UAE.

US President Donald Trump also indicated he was not interested in negotiating with Iran.

Meanwhile, US Energy Secretary Chris Wright said more than 17 million barrels of oil transited the Strait of Hormuz on Monday, the highest level since the war began in late February.

Before the war, about 20 million barrels per day of crude and petroleum products passed through the strait.

However, tanker traffic remains below its 10-day average, with Kpler reporting only four tanker crossings on Tuesday.



News Stream
Oil Slips as Traders Weigh Mideast Risks
Crude oil eased below $91 per barrel on Thursday after rising for three consecutive sessions, as investors assessed renewed hostilities in the Middle East alongside efforts to reopen the Strait of Hormuz. President Donald Trump said the latest attacks on Iran would be short-lived despite indicating that the US remains prepared for further strikes, while reiterating claims that the US controls Hormuz. The US launched fresh strikes on Iranian targets around the strategic waterway this week following roughly a month of relative calm, prompting Tehran to retaliate with drones and missiles targeting American bases across the Middle East. Despite the renewed hostilities, crude shipments continued to pass through the strait at an estimated average of 8 million barrels a day. In the US, official data showed crude inventories declined by 4.5 million barrels last week, marking their first drop since late July.
2026-09-02
Crude Gains as US-Iran Hostilities Escalate
Crude oil rebounded to trade over $90.50 a barrel on Wednesday, extending a two-session rally that lifted prices to a six-week high. Renewed hostilities between the US and Iran magnified disruption to Middle East crude exports. The US completed a wave of strikes against Iran on Tuesday, according to US Central Command. Iran’s state media reported that the Revolutionary Guard retaliated by targeting US military positions in Jordan, Kuwait, Bahrain, Iraq, and the UAE. US President Donald Trump also indicated he was not interested in negotiating with Iran. Meanwhile, US Energy Secretary Chris Wright said more than 17 million barrels of oil transited the Strait of Hormuz on Monday, the highest level since the war began in late February. Before the war, about 20 million barrels per day of crude and petroleum products passed through the strait. However, tanker traffic remains below its 10-day average, with Kpler reporting only four tanker crossings on Tuesday.
2026-09-02
Oil Prices Volatile
Crude oil swung between small gains and losses to trade near $90 a barrel on Wednesday, following a two-session rally that had lifted prices to a six-week high. Traders continued to weigh elevated supply risks stemming from ongoing hostilities in the Middle East against signs that crude supplies were still reaching the market. US Energy Secretary Chris Wright said 17 million barrels of oil transited the Strait of Hormuz on Monday, the highest daily volume since the war began. Kpler data showed that 4 commodity vessels transited Hormuz on Tuesday, down from 10 on Monday. The US carried out further strikes on Iran and Washington threatened more devastating attacks. Iranian media reported strikes on multiple targets near the Strait of Hormuz and Iran said it had targeted US assets in Bahrain, Jordan, Kuwait and Iraq. The latest attacks, which began early this week and were the first in nearly a month, have complicated efforts to end the conflict.
2026-09-02