Brent crude nears $95 a barrel as Iran-US tensions escalate

Global oil prices rose on the morning of Wednesday, September 2, 2026, following a fresh wave of US strikes inside Iran and Iran's military response against neighboring countries. According to Donya e Eqtesad, Brent crude in European markets reached $94.65 a barrel around 06:45 Tehran time.

Oilprice.com reported Brent at $95.44, up 0.83 percent on the day, around the same time, consistent with the $95.42 reading on Sahmino's own Brent price page at 07:46 Tehran time.

The increase coincided with a report from Axios that the US had struck two Iranian oil tankers, and with the continuing standoff in the Strait of Hormuz.