Oil climbs above $94 as Hormuz tensions threaten supplies

September 2, 2026 (MLN): Oil prices remained volatile on Wednesday as escalating tensions between the United States and Iran raised fresh concerns over energy supplies and shipping through the Strait of Hormuz.

Currently, Brent crude futures is up, 0.02%, at $94.67 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $0.07, or 0.08%, to $90.29.56 per barrel by [02:11 pm] PST.

The latest market moves followed another round of US strikes on Iran, while Tehran reportedly responded by launching drone and missile attacks against US regional allies, including Kuwait, Jordan and Bahrain, as reported by CNBC.

US Central Command said the latest strikes came after what it described as attempted attacks by Iran’s Islamic Revolutionary Guard Corps (IRGC) targeting commercial shipping in the Strait of Hormuz and US personnel.

The security situation around the key oil-shipping route also deteriorated after a tanker was hit by three unidentified projectiles while transiting the Strait of Hormuz on Monday, according to the UK Maritime Trade Operations Centre.

US President Donald Trump said Washington was not seeking to force Iran into negotiations, while claiming that the United States had gained near-total control of the Strait of Hormuz.

Market participants are increasingly focused on the potential impact of a prolonged conflict on crude supplies and tanker traffic through the strategic waterway, which handles a significant share of global oil shipments.

“The longer the war with Iran goes on, oil prices will continue to stay elevated and volatile,” said Edward Rosenberg, head of ETFs at Strategy Shares.

He attributed the sharp price swings to sanctions, stalled negotiations and uncertainty over whether Tehran is prepared to bring the conflict to an end, according to CNBC.

With tensions continuing to intensify, traders are closely monitoring developments around the Strait of Hormuz, the broader regional military response and any signs of progress toward renewed diplomatic engagement.

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