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Report Time: September 3, 2026 — 5:30 a.m. MDT
Summary
- WTI crude is trading near US$93.05 per barrel on TradingView, up $2.04, or approximately 2.2%, from Wednesday’s official $91.01 settlement. WTI is decisively higher and has reached its strongest level in roughly six weeks as Middle East supply fears intensify.
- Brent is also trading at six-week highs in the broader market. Reuters reported Brent near $97.39, up about 1.8% Thursday morning. TradingView’s ICE contract data showed the November contract around $95.48, highlighting a current quote/timestamp discrepancy between data feeds; Reuters’ Wednesday official Brent settlement was $95.63.
- The market’s dominant driver remains the escalating U.S.-Iran conflict and deteriorating shipping conditions through the Strait of Hormuz. Only six vessels were reported crossing Wednesday, Iran has expanded its blacklist of ships, and already-tight global inventories are amplifying the supply-risk premium.
Latest Oil Prices
Oil prices are firmly higher Thursday morning, extending a rally that has now lasted four consecutive sessions.
At approximately 5:30 a.m. MDT, TradingView showed its NYMEX WTI continuous futures contract at US$93.05 per barrel, up 0.18% on TradingView’s own rolling 24-hour comparison. Against Wednesday’s official Reuters settlement of $91.01, however, WTI is up $2.04 per barrel, or 2.2%.
Brent requires more caution this morning because available live feeds are not synchronized. TradingView’s ICE contract table showed the November Brent contract around $95.48, while Reuters’ current market report had front-month Brent at approximately $97.39, up 1.8%. Wednesday’s official Brent settlement was $95.63.
Because those quotes appear to reflect differing timestamps or contract-data handling, it would be misleading to calculate a precise Brent settlement-to-live percentage from the TradingView figure alone. The important market signal is clear: Brent has traded materially higher Thursday and reached another six-week high.
Get the Current Live Prices Here
Why Oil Is Moving
Geopolitics remains overwhelmingly responsible for the rally.
Reuters reports that renewed U.S. airstrikes inside Iran killed at least eight people and injured more than 100, marking the most significant exchange between Washington and Tehran since July. Israel has simultaneously threatened severe attacks on Iranian infrastructure if it comes under further attack.
That escalation is directly affecting perceptions of oil supply risk.
Shipping through the Strait of Hormuz remains severely constrained, with only six vessels crossing Wednesday — well below recent averages. Iran has also added more vessels to its list of ships deemed non-compliant and potentially subject to detention, confiscation or fines.
Key Market Risks and Catalysts
The biggest upside risk remains a further deterioration in Hormuz traffic. Roughly one-fifth of global oil and LNG trade normally moves through the Strait, leaving prices extremely sensitive to attacks on vessels, mining incidents or tougher Iranian restrictions.
Inventories are adding support. Wednesday’s U.S. data showed commercial crude inventories falling 4.5 million barrels, dramatically more than the approximately 300,000-barrel decline analysts had expected.
Tight refined-product supplies are another concern. European gasoline refining margins surged above $62 per barrel over Brent, near record levels, while diesel margins have also reached extraordinary levels amid Middle East and Russian refinery disruptions.
There are bearish offsets. Iraq substantially increased exports in August, while OPEC+ is expected to maintain its current October production policy. Higher crude prices are also feeding global inflation and interest-rate concerns, potentially creating a future demand headwind.
Bottom Line
Oil is decisively higher again Thursday, with WTI above $93 per barrel and Brent trading into the mid-to-upper $90s.
The market has now shifted significantly from last week’s optimism over improving Hormuz flows. Continued U.S.-Iran military exchanges, restricted vessel traffic, shrinking U.S. inventories and exceptionally tight refined-product markets are all supporting prices.
The increasingly important question is whether Brent challenges $100 per barrel. With the benchmark already approaching that threshold and Hormuz operating well below normal capacity, another serious military or shipping incident could provide the catalyst.
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