Brent Jumps 3.8% to $94.36 After U.S. Strikes Iran in Hormuz
Updated
Updated · Quartz · Sep 1
Brent Jumps 3.8% to $94.36 After U.S. Strikes Iran in Hormuz
3 articles · Updated · Quartz · Sep 1
Summary
Brent hit $94.36 a barrel and WTI reached $89.46 on Tuesday after U.S. forces struck Iranian targets in the Strait of Hormuz, lifting both benchmarks to their strongest levels in weeks.
The move followed Tehran's overnight attacks on vessels in the waterway, ending Washington's restraint after it had maintained a naval blockade without further airstrikes since a June 17 memorandum quickly collapsed.
Hormuz disruptions have already cut Middle East oil loadings to about 12 million barrels a day from 20 million in early July, while the IEA now sees a 1.8 million-barrel-per-day global deficit in the third quarter.
The latest spike adds to political pressure on President Donald Trump, who was due to meet oil executives Tuesday as U.S. gasoline prices stayed above $4 a gallon for 103 days in 2026.