Oil Prices Flat Amid Renewed US-Iran Conflict and Strait of Hormuz Disruptions

Oil prices were flat on September 3 as traders weighed the uncertainty surrounding renewed military strikes between the U.S. and Iran.

The latest escalation raised concerns over potential disruptions to Middle East oil supplies, with Brent crude futures down 0.45% at $95.2 a barrel and U.S. West Texas Intermediate crude futures falling 0.26% to $90.77.

U.S. President Donald Trump said the renewed campaign against Iran would not continue for 'too long', with U.S. forces targeting Iran's radar and missile systems.

JPMorgan estimates that every additional month of disruption could add around $7 to $8 a barrel to Brent prices, while Goldman Sachs warns that Brent could climb to $120 a barrel if shipping disruptions through the Strait of Hormuz persist.