- September 2, 2026
- Posted by: Tresmark
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Oil prices rose nearly 1% on Wednesday, extending the sharp gains recorded in the previous session, as renewed military exchanges between the United States and Iran heightened fears of potential supply disruptions in the Middle East.
Brent crude futures gained 87 cents, or 0.92%, to $95.52 per barrel in early trading, while US West Texas Intermediate (WTI) crude rose 80 cents, or 0.89%, to $91.02 per barrel.
Both benchmarks had surged by more than $4 in the previous session, with Brent posting its biggest single-day gain since July 24 and WTI recording its strongest increase since July 23.
The latest rise comes after the US and Iran exchanged fresh strikes overnight, escalating tensions and weakening hopes for a near-term de-escalation of the conflict.
Markets remain particularly sensitive to developments around the Middle East, where any disruption to oil production or shipping routes could significantly affect global crude supplies.
With tensions continuing to escalate, traders are closely monitoring the situation for signs of further military action that could threaten energy infrastructure and flows through key regional waterways.
