Crude oil prices rise past $92 per barrel after renewed Hormuz tanker strikes

Global oil prices rose on September 1, 2026, with Brent crude climbing above $92 per barrel and WTI crude trading near $88 per barrel amid supply disruption fears following projectile strikes on tankers in the Strait of Hormuz.

Why this matters. Increases fuel and insurance costs for maritime transport while forcing global refiners to price in renewed Persian Gulf supply disruptions.