Archive · 1 Sep 2026
Hormuz Crisis Sends Brent Above $94 Amid US-Iran Strikes
Oil prices went up because fighting between the United States and Iran raised fears about fuel shipments.
Much of the world's oil travels through the Strait of Hormuz.
Fewer ships have been using the waterway, and a tanker was reportedly hit by projectiles.
The United States said it attacked Iranian military targets after alleged threats involving ships and sea mines.
Iran responded by attacking two American bases in Jordan.
President Donald Trump warned that the United States could launch stronger attacks.
Iran said it does not want war but would respond to attacks.
Trump also announced a major oil agreement with Venezuela.
Experts said that agreement would not quickly lower fuel prices in the United States.
Brent crude rose to $93.93 and later reached $94.484 as US-Iran strikes intensified.
The Strait of Hormuz handles about 20% of global oil shipments, but traffic has sharply declined.
Kpler recorded only five visible commodity vessels crossing the strait on Monday, none of them tankers.
The United States said it struck Iranian Revolutionary Guard targets after alleged threats to commercial shipping.
Donald Trump promoted a US-Venezuela oil agreement, while experts said it could not provide Americans near-term price relief.
- Who
- The United States, Iran, Venezuela, President Donald Trump, and companies shipping oil through the Strait of Hormuz are central to the developments.
- What
- Renewed US-Iran strikes and threats to shipping pushed oil prices higher, while Washington publicized an oil agreement with Venezuela.
- When
- The latest price increases and military exchanges were reported on Tuesday, after attacks resumed following more than a month without direct strikes.
- Where
- The developments involve the Strait of Hormuz, Iran, the Gulf region, Jordan, Venezuela, and the wider West Asia region.
- Why
- Oil prices rose because traders feared that military activity and reduced shipping through the Strait of Hormuz could disrupt global supplies.
US Position and Deal Advocates
Iranian Position and Skeptics
Military action
US Position and Deal Advocates
The United States said its strikes targeted Islamic Revolutionary Guard Corps positions after alleged Iranian attempts to attack commercial shipping and place sea mines in the Strait of Hormuz.
Iranian Position and Skeptics
Iran retaliated against two American bases in Jordan and said it would deliver a decisive response to aggressors while insisting it is not seeking war.
Venezuela oil agreement
US Position and Deal Advocates
Donald Trump called the US-Venezuela agreement the biggest oil deal in history and said it would substantially lower gasoline prices for Americans in the future.
Iranian Position and Skeptics
Experts said Venezuelan oil exports would not provide meaningful near-term relief to US consumers.
Iranian economic conditions
US Position and Deal Advocates
The United States has increased economic pressure on Iran and countries accused of providing it support.
Iranian Position and Skeptics
Iranian Central Bank Governor Abdolnaser Hemmati rejected claims that US sanctions had collapsed Iran's economy, saying the country had sufficient foreign-currency reserves.
- Brent price
- $93.93 a barrel at 1:10 p.m. EDT, later reported at $94.484.
- WTI price
- $89.48 a barrel at 1:10 p.m. EDT.
- Hormuz significance
- The strait carries about 20% of the world's oil shipments.
- Shipping traffic
- Five visible commodity vessels crossed the strait on Monday, compared with a 10-day average of about 14.
- Reported tanker incident
- A tanker was hit by three unknown projectiles while near the Omani coast; no casualties were reported.
- Venezuelan reserves
- The announced US deal covers majority control over 65 billion barrels of proven Venezuelan oil reserves.
- US gasoline prices
- The national average remained above $4 per gallon, according to AAA.