$90 a Barrel: US-Iran Conflict Sends Oil Prices Soaring

The global crude oil market is experiencing a surge in prices after the resumption of fighting between the US and Iran. According to Al Jazeera, Brent crude futures have risen by $1.18 (1.3%) to reach $91.67 per barrel at 07:39 GMT on September 1, 2026. The US West Texas Intermediate crude has also seen a significant increase, up by $1.27 (1.48%) to $87.03.

PVM analyst John Evans attributed the rising oil prices to the ongoing conflict between the two nations. He stated that 'the tit-for-tat missile exchanges between the US and Iran bring validation to those who believe that even if not a ‘forever war’, this conflict will run and run.'