Oil Climbs in Global Markets, on Track for Biggest Weekly Gain Since Mid July

According to Boursenews, citing Reuters, oil prices rose in global trading on Friday, 13 Shahrivar 1405 (September 4, 2026); Brent crude futures gained 0.2 percent to 95.67 dollars a barrel and US West Texas Intermediate gained 0.3 percent to 91.56 dollars a barrel. Since the start of this week, Brent has risen 7.1 percent and WTI 9.8 percent, putting both on track for their biggest weekly gain since the week ending July 20, a rise linked to intensifying military tension between the United States and Iran and concern over supply risk in West Asia.

Per the Reuters report, two Iraqi energy officials said Wednesday that Iraq's oil exports rose from about 1.35 million barrels a day in July to about 2.34 million barrels a day in August. Two shipping trackers and TankerTrackers estimate that oil flows through the Strait of Hormuz remain about 6 to 8 million barrels a day below pre war levels, a figure that contradicts a claim by US President Donald Trump that traffic has returned close to normal, near 18 million barrels a day; traders have dismissed that claim.