Brent Crude Tops 91 Dollars as Fears of US Iran Escalation Mount

Global oil prices rose on Tuesday, 10 Shahrivar 1405 (September 1, 2026), according to Al Jazeera, on fears of escalation in West Asia following the first direct exchange of fire between the US and Iran in more than a month. Brent crude, the global benchmark, rose more than 1 percent to top 91 dollars a barrel, extending a gain of more than 2.5 percent the previous day; the November delivery Brent contract stood at 91.44 dollars a barrel as of 05:00 GMT, up from just over 88 dollars at Monday's close. Sahmino's own price data at 11:28 Tehran time that day showed Brent at 91.76 dollars, up 1.4 percent on the day.

The rise came alongside US strikes on Iran's Larak Island and retaliatory Iranian attacks on two bases used by US forces in Jordan. US President Donald Trump, in a Monday Fox News interview, responded to Iran's attacks on the Jordan bases by saying the US would hit back hard. The UK Maritime Trade Operations centre also reported that a tanker crossing the Strait of Hormuz was struck by three unidentified projectiles, with no casualties reported and no group claiming responsibility. Brent has traded in the 86 to 91 dollar range since peaking at nearly 94.40 dollars on 30 Mordad (August 21). Saul Kavonic, head of energy research at MST Financial, told Al Jazeera the oil market is increasingly pricing in a protracted no war, no peace scenario, with only partial volumes flowing through the Strait of Hormuz possibly lasting well into 2027.