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Oil extends rally with Brent above US$95 on Hormuz fears
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Global oil prices extended their gains on Wednesday (September 2, 2026), as renewed military exchanges between the United States and Iran heightened concerns about further disruption to supplies through the Strait of Hormuz.
Key facts
- Brent crude futures for November delivery gained 98 US cents, or 1.04%, to settle at US$95.63 a barrel
- Both benchmarks moved between gains of as much as US$2 a barrel and losses of around US$1, with their intraday peaks reaching the highest levels recorded since July 24.
- Investors are now awaiting the OPEC+ meeting on Sunday (September 6, 2026)
- US forces launched a new round of air strikes on Tuesday (September 1), targeting Iranian radar and mine-laying capabilities, while Iran retaliated by firing missiles at US bases across the Middle East.
Summary
Brent crude futures for November delivery gained 98 US cents, or 1.04%, to settle at US$95.63 a barrel. US West Texas Intermediate (WTI) crude for October delivery rose 79 cents, or 0.88%, to US$91.01 a barrel.
Trading remained highly volatile. Both benchmarks moved between gains of as much as US$2 a barrel and losses of around US$1, with their intraday peaks reaching the highest levels recorded since July 24.