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Oil Prices Climb for Third Day as U.S.-Iran Tensions Mount

Energy Minerals · Oil & Gas Production · yonhap_finance · 2026-09-02

Crude oil prices rose for the third consecutive session as escalating military tensions between the U.S. and Iran sparked supply concerns in the Middle East.

What Happened

Geopolitical Tensions: Escalating military confrontations between the United States and Iran have significantly heightened geopolitical risks in the Middle East. Concerns regarding potential disruptions to oil shipments through the Strait of Hormuz have become a primary driver for the recent rally in energy prices.

Market Performance: Brent crude futures rose 1.04% to $95.63 per barrel, while West Texas Intermediate (WTI) gained 0.88% to settle at $91.01. These levels represent the highest prices for both benchmarks since late July, marking a three-day winning streak.

Supply Chain Disruptions: Shipping data indicates a sharp decline in vessel traffic through the Strait of Hormuz, with daily transits dropping to just four ships compared to the recent ten-day average of thirteen. This reduction highlights the tangible impact of regional instability on global oil logistics.

Inventory Drawdown: The U.S. Energy Information Administration (EIA) reported a 4.45 million barrel decline in crude inventories for the week ending September 28. This figure significantly exceeded market expectations of a 1.1 million barrel drop, further tightening market sentiment.

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