Oil prices surged past $92 a barrel for Brent crude, while US benchmark WTI climbed above $90, reaching the highest closing level in a month. The sharp jump in global oil prices on Tuesday, September 1, 2026, was triggered by a new escalation in the military confrontation between the US and Iran in the Middle East, reports infohub.kz.
Due to the intensifying conflict, shipping through the key maritime corridor has been virtually paralyzed. According to ANZ analysts, current transit has fallen to a critical 6 million barrels per day, whereas before the war, a fifth of global supplies passed through here.
The UK Maritime Trade Operations (UKMTO) reported that a commercial tanker was fired upon with three projectiles at the exit of the Strait of Hormuz, instantly adding a high risk premium to oil prices.
Market tension was further heightened by domestic data from the US Department of Energy, showing that the Strategic Petroleum Reserve (SPR) lost another 3.1 million barrels over the week, falling to its lowest level since 1982 (286.6 million barrels).
Experts agree that as diplomatic efforts by Qatar and Oman to de-escalate the situation in the Persian Gulf remain fruitless, energy prices will continue to face severe upward pressure. Most analysts forecast that by the end of 2026, prices will firmly stay above the psychological mark of $80 per barrel, and a prolonged conflict will inevitably trigger a new wave of global inflation.
Earlier, Kursiv reported that during a US military attack in Hormozgan province near the city of Sirik in southern Iran, American forces "attended a wedding" — two people were killed and at least 20 wounded as a result of the strike. At that moment, a wedding ceremony was taking place there.