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US NEWS 
Report Time: September 2, 2026 — 5:30 a.m. MDT
EnergyNow Media
Summary
- WTI crude is trading near US$90.51 per barrel on TradingView, up $0.29, or about 0.3%, from Tuesday’s official $90.22 settlement. WTI is therefore slightly higher to relatively flat after Tuesday’s powerful 5.2% surge.
- Brent crude is trading near US$95.14 per barrel on TradingView, up $0.49, or approximately 0.5%, from Tuesday’s $94.65 settlement. Both benchmarks remain near their highest levels since late July as geopolitical supply risk stays firmly embedded in prices.
- The market is balancing two opposing signals from the Strait of Hormuz: renewed U.S.-Iran fighting and reports that two tankers were disabled by sea mines are supporting prices, while a sharp recovery in actual oil transit through the Strait is limiting another major price spike.
Latest Oil Prices
Oil prices are modestly higher Wednesday morning, consolidating after Tuesday’s dramatic rally.
TradingView showed its NYMEX WTI continuous futures contract at approximately US$90.51 per barrel at report time. Tuesday’s official WTI settlement was $90.22, up $4.46, or 5.2%, on the day. That puts WTI another 29 cents, or 0.3%, higher this morning.
TradingView showed Brent crude futures at approximately US$95.14 per barrel, versus Tuesday’s settlement of $94.65, representing an additional gain of about 49 cents, or 0.5%. Reuters had Brent at $94.76 and WTI at $90.26 earlier in Wednesday’s session, confirming that the market has remained relatively stable after Tuesday’s surge.
There is no major front-month rollover distortion affecting today’s settlement comparisons. TradingView currently identifies October 2026 as the WTI front month, while Brent’s continuous series has moved beyond the October contract that expired last Friday.
Why Oil Is Moving
The dominant force remains the renewed military confrontation between the United States and Iran.
Tuesday’s session saw Brent jump $4.16, or 4.6%, and WTI rise $4.46, or 5.2%, after fresh U.S. and Iranian strikes revived fears that Middle Eastern supply could again be severely disrupted.
Wednesday brought another worrying development. Iran’s Revolutionary Guard said two oil tankers were disabled by sea mines while transiting the Strait of Hormuz, adding to concerns about the physical safety of vessels using the world’s most important oil chokepoint.
Russia’s large-scale attack on Ukrainian energy infrastructure is providing an additional geopolitical support for crude prices.
Key Market Risks and Catalysts
The most important counterweight to the bullish geopolitical story is that oil is again moving through Hormuz in meaningful volumes.
U.S. Energy Secretary Chris Wright said approximately 17 million barrels of oil transited the Strait on Monday, the highest daily volume since war-related restrictions began disrupting flows. That suggests physical supply conditions may be improving even as the military situation worsens.
This creates an unusually binary market. A fresh attack that closes or materially restricts Hormuz could quickly push Brent toward or above $100 per barrel, while successful negotiations and sustained high tanker flows could strip several dollars of geopolitical premium from crude. Reuters quoted analysts describing exactly that risk-reward dynamic Wednesday.
Higher oil prices are also feeding inflation concerns. Global bond yields have risen sharply, and markets are increasingly pricing the possibility of tighter monetary policy. Persistent rates pressure could eventually become a headwind for economic growth and petroleum demand.
Bottom Line
Oil is slightly higher but broadly consolidating Wednesday morning following Tuesday’s extraordinary rally.
WTI is holding above $90, while Brent is near $95. The fact that prices have not retreated meaningfully after Tuesday’s 4%-plus surge suggests traders remain reluctant to remove the renewed Middle East risk premium.
For the immediate future, Hormuz remains the market’s fulcrum: improving physical flows are bearish, but attacks on tankers and renewed U.S.-Iran military action leave the possibility of another rapid upside move very much alive.
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