Oil Settles 1% Higher as Major US-Iran Strikes Threaten Supply
September 2, 2026
News summary: Reuters reported Brent settled up 98 cents, or 1%, at $95.63/bbl and WTI rose 79 cents, or 0.9%, to $91.01/bbl. Four commodity vessels crossed Hormuz, below the 10-day average, while U.S. crude inventories fell by 4.5 million barrels.
Market context: A firm benchmark alongside low transit counts kept physical execution dependent on vessel approval, war-risk cover, loading certainty and short commercial validity.
Archive date: September 2, 2026