By Editorial Dept - Sep 04, 2026, 7:30 AM CDT
October WTI crude oil futures are trading at $91.80 Thursday night, up $8.36 or 10.02% for the week so far. The contract traded as low as $84.11 early in the week before reaching $93.14, its strongest level since late July.The market began the week testing whether more cargoes moving through the Strait of Hormuz would take the war premium out of crude. That selloff did not hold. The United States and Iran exchanged their heaviest fire since July. Iran tightened shipping restrictions. Kuwait came under missile and drone fire. Israel renewed threats against Iranian energy infrastructure.WTI did not rally because every Gulf barrel stopped moving. It rallied because the barrels still moving are exposed to a supply route that can change with the next headline.The Conflict Expanded, and the Early Selling EndedTuesday’s U.S. strikes targeted Iranian radar, air-defense, communications and mine-laying positions along the southern coast. Iran answered with attacks on U.S. positions around the region.Brent settled Wednesday at $95.63. WTI settled at $91.01. Both contracts posted their highest settlements since July.Thursday opened with profit-taking after President Trump said the renewed fighting would not last too long. Brent slipped toward $94. WTI traded toward $89.50. For a few hours, the market was willing to sell the idea that the conflict was heading toward a shorter duration.Then Kuwait’s army said it was confronting Iranian missile…
