Wednesday, September 2, 2026: Global crude oil prices rose by about 1% in early trading on Wednesday as renewed exchanges of attacks between the United States and Iran increased concerns over potential disruptions to oil supplies and weakened hopes of a quick easing of tensions in the Middle East.
Brent crude rose 87 cents, or 0.92%, to $95.52 per barrel, while US West Texas Intermediate (WTI) crude gained 80 cents, or 0.89%, to $91.02 per barrel.
The latest increase follows a rise of more than $4 per barrel for both contracts in the previous trading session, reflecting heightened market concerns over developments in the region.
Brent and WTI Prices Rise
| Crude Oil Benchmark | Current Price | Daily Change |
|---|---|---|
| Brent crude | $95.52/barrel | +$0.87 (0.92%) |
| WTI crude | $91.02/barrel | +$0.80 (0.89%) |
The rise marks the largest increase in Brent prices since July 24, while the gain in WTI represents its biggest increase since July 23, according to the reported market data.
Middle East Tensions Keep Oil Markets on Edge
The latest movement in crude prices comes as concerns grow that continued US-Iran hostilities could affect oil supplies. Investors are also reassessing expectations that tensions in the Middle East could ease in the near term.
Because the region is a major source of global energy supplies, developments that threaten production, transportation or shipping routes can quickly influence international oil markets.
For oil-importing economies, sustained increases in international crude prices can also affect domestic fuel costs, although the impact on local pump prices depends on factors including exchange rates, taxes, government pricing decisions and the timing of international price changes.
For now, traders are closely watching developments between the United States and Iran and their potential implications for regional oil supply.