Crude oil prices (WTI: $91.48/barrel, Brent: $96.28/barrel as of 4 September 2026) are rising due to prolonged US-Iran tensions in the Middle East, with recent escalations including new US military operations against Iran. Analysts forecast potential spike to $95 USD/barrel for Brent if geopolitical risk premium persists. Shipping through Strait of Hormuz remains below 10-day average at 15 vessels, though supply disruptions have not yet significantly impacted Middle Eastern crude output. US crude production increased 2 rigs to 449 rigs week-over-week.