Report Time: September 1, 2026 — 5:31 a.m. MDT

Summary

• WTI crude is trading near US$87.64 per barrel on TradingView, up $1.88, or approximately 2.2%, from Monday’s official $85.76 settlement. WTI is decisively higher as renewed U.S.-Iran military exchanges put Middle East supply risk back at the centre of the market.
• Brent crude is trading around US$92.04 per barrel on TradingView, up $1.55, or approximately 1.7%, from Monday’s $90.49 settlement. Reuters was quoting Brent at $91.67 earlier Tuesday, confirming the strong upward direction.
• The main catalyst is escalating danger around the Strait of Hormuz. Two Saudi crude tankers were attacked Monday, Trump has threatened additional strikes against Iran, and visible commodity traffic through Hormuz remains at only about five vessels per day.

Latest Oil Prices

Oil prices are sharply higher Tuesday morning, extending Monday’s rally as the confrontation between the United States and Iran again threatens physical oil flows from the Persian Gulf.

At approximately 5:31 a.m. MDT, TradingView showed its NYMEX WTI continuous futures contract at US$87.64 per barrel, up 1.21% on TradingView’s own 24-hour calculation. Monday’s official settlement was $85.76, meaning WTI is now about $1.88 higher, or 2.2%, on a settlement-to-current comparison. TradingView lists October 2026 as the active WTI front month.

TradingView showed its ICE Brent continuous contract at approximately US$92.04 per barrel, versus Monday’s official settlement of $90.49 — a gain of approximately $1.55, or 1.7%.

Reuters had Brent at $91.67 and WTI at $87.03 at 1:39 a.m. MDT, so both contracts continued strengthening after that Reuters market snapshot.

Why Oil Is Moving Higher

The market is once again pricing a larger geopolitical supply premium into crude.

The U.S. and Iran exchanged direct military attacks for the first time since late July after American forces struck Iranian launchers on Larak Island. Iran retaliated against U.S. facilities, and President Donald Trump subsequently threatened further strikes.

More importantly for oil markets, the confrontation is affecting shipping.

Two supertankers carrying Saudi crude were struck by unidentified projectiles late Monday while leaving the Strait of Hormuz. Each had recently loaded about 2 million barrels of crude at Saudi Arabia’s Juaymah terminal. No crew casualties were reported, but the attacks highlight the continuing physical risk to Gulf exports.

Key Market Risks and Catalysts

Hormuz remains the overriding factor. Only around five visible commodity vessels crossed Monday, well below the recent 10-day average of approximately 14. Reuters notes that none of Monday’s five crossings were liquid tankers. Before the war, about 20% of global oil supplies moved through the Strait.

ANZ estimates oil flows through Hormuz are currently around 6 million barrels per day, still dramatically below pre-conflict levels. Meanwhile, mediation efforts led by Qatar and Oman have yet to produce a durable agreement reopening the waterway.

Another increasingly important bullish factor is shrinking emergency inventory. The U.S. Strategic Petroleum Reserve fell another 3.1 million barrels to 286.6 million barrels, its lowest level since November 1982.

There are bearish counterweights. A Reuters poll forecasts weaker global demand, particularly from China, while OPEC+ has gradually increased production. But analysts still expect Brent to average above $85 in 2026 because of continuing Middle East disruptions.

Bottom Line

Oil is decisively higher Tuesday morning, with WTI up roughly 2.2% and Brent approximately 1.7% from Monday’s settlements.

The market has shifted quickly from hoping Hormuz would normalize to confronting renewed tanker attacks and direct U.S.-Iran military exchanges. Unless diplomacy produces tangible improvements in shipping, the geopolitical risk premium is likely to remain firmly embedded in crude prices.

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