Crude Oil Prices Rise Nearly 1% as US-Iran Strikes Heighten Supply Concerns | September 2, 2026

Crude oil prices climbed nearly 1% in early trade on Wednesday, September 2, 2026, after the United States and Iran exchanged strikes overnight, raising concerns over further disruption to oil supplies from the Middle East. 

Brent crude futures gained 87 cents, or 0.92%, to $95.52 a barrel by 0008 GMT, while US West Texas Intermediate crude futures rose 80 cents, or 0.89%, to $91.02. Both contracts jumped more than $4 on Tuesday, with Brent recording its biggest daily gain since July 24 and WTI posting its strongest rise since July 23, 2026. 

US-Iran Strikes Raise Supply Concerns 

The United States said it launched a series of overnight airstrikes against targets in Iran. Tehran responded with attacks on US-linked military positions, marking the most serious escalation between the two countries in several weeks. 

US Central Command said the strikes followed attempted attacks by Iran’s Islamic Revolutionary Guard Corps against commercial shipping in the Strait of Hormuz and US service members stationed in the region. 

Strait of Hormuz Remains a Key Risk 

Iran’s IRGC said the US attacks would further restrict traffic through the Strait of Hormuz, a vital route for global energy shipments. Before the conflict, around one-fifth of the world’s consumed oil passed through the waterway. Iran has effectively closed the strait to commercial shipping, adding to concerns over the availability of crude. 

The IRGC also claimed it had targeted a US military base in Jordan with ballistic missiles. Iranian state media reported a separate drone attack on a US base in Bahrain. Jordan said its air defences intercepted 10 of 13 ballistic missiles that entered its airspace, while US officials said no American casualties had been reported at that stage. 

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Tanker Attacks Add to Oil Market Pressure 

The latest strikes came after two tankers leaving the Strait of Hormuz were attacked on Monday. The incidents disrupted oil movements and prompted traders to look for alternative crude supplies. 

US crude inventories also provided some support to prices. Crude stocks fell by 2.6 million barrels in the week ended August 28, while distillate inventories, including diesel and heating oil, declined by 265,000 barrels, according to American Petroleum Institute data cited by market sources. 

Conclusion 

Crude oil prices are likely to remain sensitive to developments around the Strait of Hormuz and any further military action between the US and Iran. Disruptions to shipping, falling US inventories and uncertainty over regional supplies could keep upward pressure on prices in the near term. 

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