Oil climbs above $91.5 as U.S. Iran conflict raises supply fears

September 01, 2026 (MLN): Oil prices advanced on Tuesday as renewed fighting between the U.S. and Iran intensified concerns over potential supply disruptions from the Middle East, a major global crude-producing region.

Currently, Brent crude futures is up, 1.02%, at $91.52 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $2.16, or 1.42%, to $87.01 per barrel by [10:05 am] PST.

Brent crude had gained 2.7% in the previous session, briefly touching its highest level since August 25, while WTI crude settled 2.8% higher after reaching its strongest level since August 21.

Tensions escalated after U.S. President Donald Trump threatened additional strikes against Iran following direct attacks between the two countries on Sunday, marking their first exchange of attacks in a month.

The latest developments have revived concerns over possible damage to energy infrastructure in the Gulf and disruptions to shipping through the Strait of Hormuz, adding risk premiums to crude prices, according to CNBC.

Commodity vessel traffic through the Strait of Hormuz also fell over the weekend, with Kpler data showing only five visible vessels transiting the waterway per day.

Mediation efforts by Qatar and Oman to secure the reopening of the Strait of Hormuz have so far made little progress. The waterway was closed by Iran after U.S. and Israeli attacks on February 28 and had previously carried around one-fifth of global oil supplies.

Shipping risks remained elevated after the United Kingdom Maritime Trade Operations agency reported on Tuesday that a tanker sailing out of the Strait of Hormuz was struck by three projectiles. No casualties or environmental damage were reported.

Meanwhile, the U.S. is also seeking to replenish its crude reserves. Trump declared a deal with Venezuela on Friday to gain control of oil reserves in the country, saying the arrangement would support the rebuilding of the U.S. Strategic Petroleum Reserve, whose inventories are near a 44-year low.

U.S. Strategic Petroleum Reserve inventories fell by around 3.1 million barrels last week to 286.6 million barrels.

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