Oil Prices Swing

2026-09-03 10:06 By Joana Taborda 1 min. read

Crude oil prices remained volatile on Thursday, swinging around $91 a barrel and trading near their highest levels in more than a month as investors continued to monitor the situation in the Middle East, including the evolving strikes and their impact on oil supplies through Hormuz.

Hostilities resumed earlier this week for the first time since July, with the US striking Iran and Tehran responding with attacks on US bases in Bahrain, Jordan, Kuwait and Iraq.

Meanwhile, US President Trump said on Wednesday that the renewed hostilities in the Middle East would not last “too long”.

Despite the escalation, there were signs that crude supplies were still reaching the market.

Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 on Tuesday and compared to the 10-day average of nearly 13, according to Reuters.

In addition, Iraq’s oil exports increased to around 2.34 million barrels per day (bpd) in August, with exports expected to rise further in September.



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Oil Prices Swing
Crude oil prices remained volatile on Thursday, swinging around $91 a barrel and trading near their highest levels in more than a month as investors continued to monitor the situation in the Middle East, including the evolving strikes and their impact on oil supplies through Hormuz. Hostilities resumed earlier this week for the first time since July, with the US striking Iran and Tehran responding with attacks on US bases in Bahrain, Jordan, Kuwait and Iraq. Meanwhile, US President Trump said on Wednesday that the renewed hostilities in the Middle East would not last “too long”. Despite the escalation, there were signs that crude supplies were still reaching the market. Six commodity vessels transited the Strait of Hormuz on Wednesday, down from 11 on Tuesday and compared to the 10-day average of nearly 13, according to Reuters. In addition, Iraq’s oil exports increased to around 2.34 million barrels per day (bpd) in August, with exports expected to rise further in September.
2026-09-03
Oil Slips as Traders Weigh Mideast Risks
Crude oil fell toward $90 per barrel on Thursday, snapping a three-day rally 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