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Commodities

US-Iran Tensions Send Oil Prices Soaring to $91 a Barrel

Guavy AI Editorial Team
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Oil
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Oil prices rose for a second session on September 1, 2026, as tensions between the US and Iran escalated, raising concerns about disruptions to energy flows through the Strait of Hormuz.

The price of Brent crude traded around $91 per barrel after the US military attacked an Iranian island in the strait, prompting Iran to retaliate with attacks on the United Arab Emirates and Jordan. This marked a new exchange of fire between the two countries in about a month.

West Texas Intermediate (WTI) oil was trading above $86 per barrel after increasing by 2.8% on Monday, its largest gain in three weeks.

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