Oil Prices Soar Past $91 Amid Strait of Hormuz Tensions
Oil prices surged past $91 on September 1, 2026, following escalating geopolitical tensions between the United States and Iran in the Strait of Hormuz. The critical chokepoint, through which approximately 20% of the world's oil supply transits, immediately raised concerns about potential disruptions to Middle Eastern oil exports and global energy supply chains.
Naeem Aslam, Chief Investment Officer at Zaye Capital Markets, underscored the heightened risk premium now attached to Gulf oil barrels, stating, 'The immediate bullish force is supply-security uncertainty.'
The U.S. Energy Information Administration (EIA) reported a substantial 4.5 million barrel drawdown in U.S. commercial crude oil inventories for the week ending August 28, 2026, adding tangible supply-side pressure and tightening physical availability.