Tuesday, September 01, 2026

Business News

Oil prices jump above $91 as US-Iran conflict reignites

Renewed Middle East tensions and continued disruption in the Strait of Hormuz revive fears over global crude supplies.

TAS News Service

info@thearabianstories.com

Tuesday, September 1, 2026

MUSCAT : Oil prices climbed by around $1 on Tuesday as renewed fighting between the United States and Iran heightened fears of further supply disruptions from the Middle East, one of the world’s most important oil-producing regions.

Brent crude futures rose $1.05, or 1.2%, to $91.54 a barrel at 0455 GMT, while US West Texas Intermediate crude gained $1.27, or 1.5%, to $87.03 a barrel.

The latest rise followed strong gains in the previous session. Brent closed Monday up 2.7%, briefly reaching its highest level since August 25, while WTI settled 2.8% higher after touching its strongest level since August 21.

Fresh concerns over supply emerged after the United States and Iran exchanged direct attacks on Sunday for the first time in a month.

US President Donald Trump on Monday threatened further strikes against Iran, escalating tensions after a period in which the conflict had increasingly shifted towards an economic standoff.

Shipping data from Kpler showed that only five visible commodity vessels transited the strait on Monday, well below the 10-day average of around 14 vessels per day.

Efforts by regional mediators, including Oman and Qatar, to broker an agreement that would allow the strait to fully reopen have so far failed to gain traction.

With military tensions rising again and tanker traffic remaining severely restricted, markets are closely watching for any further escalation that could threaten Gulf energy infrastructure or disrupt crude exports.

The renewed uncertainty has pushed Brent crude firmly above the $90-a-barrel mark.

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