Brent crude oil prices exceeded $92 per barrel amid renewed US strikes on Iran. The American WTI grade also rose above $90 per barrel, marking the highest closing level in a month. This was reported by Qazaqyia.kz citing Kursiv Media.
Military Conflict
The sharp jump in global oil prices on Tuesday, September 1, 2026, was triggered by a new round of military confrontation between the US and Iran in the Middle East.
Strait of Hormuz
Furthermore, due to the escalation, shipping through this key maritime corridor has been virtually paralyzed. According to ANZ analysts, current transit has fallen to a critical 6 million barrels per day (before the war, a fifth of global supplies passed through here).
The UK Maritime Trade Operations (UKMTO) reported that a commercial tanker was shelled with three projectiles at the exit of the Strait of Hormuz, instantly adding a high risk premium to oil prices.
US Reserve Drawdown
Market tensions were exacerbated by internal statistics from the US Department of Energy, showing the Strategic Petroleum Reserve (SPR) lost another 3.1 million barrels over the week, falling to its lowest level since 1982 (286.6 million barrels).
Analyst Forecasts
Experts agree that as long as diplomatic efforts by Qatar and Oman to de-escalate the situation in the Persian Gulf yield no results, energy prices will continue to face severe pressure. Most analysts predict that until the end of 2026, quotes will remain firmly above the psychological mark of $80 per barrel, and a prolonged conflict will inevitably trigger a new wave of global inflation.
Previous Incident
Earlier, Kursiv reported that US military personnel during an attack in Hormozgan province near the city of Sirik in southern Iran "attended a wedding" — two people were killed and at least 20 injured as a result of the US armed forces strike. At that moment, a wedding ceremony was taking place there.