دبي –
Global oil prices climbed approximately one percent during Tuesday trading sessions on September 1, 2026, marking the second consecutive day of gains. This upward trajectory is primarily fueled by escalating geopolitical tensions in the Middle East, which have reignited concerns regarding potential supply interruptions from the world’s primary crude oil producing region.
US-Iran Conflict Drives Market Volatility
The situation intensified following President Donald Trump’s threat on Monday to launch additional strikes against Iran. This warning came in the wake of the first direct exchange of attacks between the two nations on Sunday, significantly heightening regional instability. The conflict has increasingly evolved into an economic confrontation, directly impacting global energy markets and investor sentiment.
Brent and WTI Futures Climb
By 05:51 GMT, November 2026 Brent crude futures had risen 0.50 percent to reach $90.94 per barrel. Simultaneously, West Texas Intermediate (WTI) crude for October 2026 delivery increased by 0.77 percent, settling at $86.42 per barrel. These figures reflect data tracked by specialized energy platforms monitoring real-time market movements.
Strait of Hormuz Traffic Plummets
Shipping data from Kpler revealed that only five cargo ships transited the Strait of Hormuz on Monday, a sharp decline from the ten-day average of fourteen vessels. Notably, none of these ships were liquid tankers. The strait, which previously facilitated one-fifth of global oil supplies, remains a critical chokepoint under significant strain due to ongoing hostilities.
Infrastructure Risks and Supply Concerns
Tim Water, chief market analyst at KCM Trade, noted that multiple factors are increasing the probability of Iranian retaliation. He emphasized that this raises the risk of damage to energy infrastructure around the Gulf and adds uncertainty to shipping movements through the Strait of Hormuz, thereby pushing oil prices higher.
Strategic Reserves Depleting
Analysts at ANZ highlighted that while satellite tracking indicates flows through the strait remain around six million barrels daily, this is far below pre-conflict levels. Meanwhile, global oil reserves are depleting. US strategic petroleum reserves fell by 3.1 million barrels last week to 286.6 million barrels, testing the capacity of major importers like China to manage rising seasonal demand.
This story was produced in the newsroom from the disclosed sources named above.
