Commodities

Brent Crude Hits $96.20 as Gulf Conflict Escalates

Sep 4, 2026

1 min read

144 words

Updated Sep 4, 2026

Brent crude rose 57 cents to $96.20 on September 3, 2026, following Kuwait air defense engagements of Iranian drones and missiles. Both major crude benchmarks are up over 7% this week despite a wartime record 17 million barrels per day crossing the Strait of Hormuz.

Written and reviewed by Kevin Nerway · Last verified 4 September 2026

Key Takeaways

Brent crude futures rose 57 cents to $96.20 a barrel on September 3, 2026, after breaking above $97 earlier in the session.
October West Texas Intermediate (WTI) crude gained 97 cents, or 1.07%, reaching $91.98 a barrel and leaving the Brent-WTI spread at $4.22.
Both benchmarks have surged more than 7% this week as Kuwait armed forces reported engaging Iranian missiles and drones.
Physical transport flows through the Strait of Hormuz reached 17 million barrels per day on Monday while the ICE gasoil crack hit a record $79 a barrel.

Middle East Escalation Drives 2% Session Whipsaws

On Thursday, September 3, 2026, Brent crude futures rose 57 cents to trade at $96.20 a barrel after testing above $97 earlier in the European session. October West Texas Intermediate (WTI) climbed 97 cents, or 1.07%, to $91.98 a barrel. The catalyst behind this U.S.

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