Oil Prices Surge on US Iran Tensions

Oil prices concluded the week sharply higher, with Brent crude nearing $97 a barrel and West Texas Intermediate (WTI) approaching $92, as renewed military exchanges between the United States and Iran intensified fears of supply disruptions in the Middle East. Brent crude futures settled at $96.28 a barrel and WTI at $91.48 on Friday, September 4, 2026. Over the week, Brent crude gained 7.6 percent and WTI rose nearly 10 percent, marking their strongest weekly advances since mid-July. The latest surge in prices followed intensified hostilities between the U.S. and Iran, described as the fiercest clashes between the two countries since July. U.S. forces conducted strikes that hit three Iranian crude oil tankers, according to U.S. Central Command. Iran responded with missile and drone attacks targeting U.S. and allied positions in Kuwait, Bahrain, and Jordan. Reports indicated that one U.S. strike hit an area in southern Iran, resulting in civilian casualties, which Tehran condemned. The conflict, which began in late February 2026, is now in its seventh month.