Brent Crude Climbs to $94.86 as Fresh US-Iran Strikes Cloud Hormuz Reopening

Brent crude rose to $94.86 a barrel on September 2, extending gains for a third straight session, while West Texas Intermediate advanced toward $91 after jumping 5.2% the prior day. Bloomberg reported the moves were driven by fresh US strikes on Iranian targets near the Strait of Hormuz and concern that reopening of the waterway to normal traffic is being pushed further out.

Why this matters. Sustained price gains signal traders are pricing in a longer disruption to Hormuz shipping rather than a quick de-escalation, raising costs for oil-dependent economies and pressuring US and allied governments to find a diplomatic off-ramp.