Archive · 4 Sep 2026
Oil prices surge as US-Iran hostilities threaten Hormuz flows
Oil became more expensive this week because fighting between the United States and Iran raised fears that fuel shipments could be interrupted.
Brent crude, an important oil price, moved close to $96 per barrel.
It gained more than 7% during the week.
Iran continued targeting ships near the Strait of Hormuz and fired missiles toward several countries.
The Strait is an important route for oil and gas shipments.
Some ships were still able to carry oil through the area, so the disruption was not total.
A separate Ukrainian strike hit a vessel connected to repairs at an important oil terminal in the Black Sea.
These events also pushed up gas prices and could affect oil supplies from Kazakhstan.
Brent crude approached $96 a barrel after rising more than 7% during the week.
Oil prices were headed for their biggest weekly gain since July as fighting involving the United States and Iran intensified.
Iranian forces targeted vessels in the Strait of Hormuz and launched missiles toward Jordan, Kuwait and Bahrain.
Some crude shipments continued through Hormuz, while Saudi Arabia kept its flagship crude price unchanged for next month.
Ukraine struck a service vessel linked to repairs at the CPC oil terminal, adding uncertainty for Kazakhstan’s crude exports.
- Who
- The United States, Iran, Israel, Ukraine, Saudi Arabia, Kazakhstan and regional shipping interests were involved or affected.
- What
- Oil prices rose sharply as renewed US-Iran hostilities raised concerns about disruptions through the Strait of Hormuz, while a Ukrainian strike affected a vessel linked to the CPC oil terminal.
- When
- The developments were reported on Friday, September 4, with the Ukrainian strike reported on Thursday, September 3.
- Where
- The fighting and shipping risks were centered in the Gulf region and the Strait of Hormuz; the separate vessel strike occurred in the Black Sea.
- Why
- Markets feared prolonged interruptions to energy flows, although some shipments continued through Hormuz and Saudi Arabia left its main crude price unchanged.
Conflict is limited
Military effort has stalled
How to characterize the fighting
Conflict is limited
US Vice President JD Vance said he would not call the situation a war, arguing that major combat operations had ended weeks earlier.
Military effort has stalled
Republican Representative Pat Harrigan disagreed, saying the military effort had very clearly stalled.
Risk to energy shipments
Conflict is limited
Some crude shipments continued through the Strait of Hormuz, and US officials pointed to steady regional flows. Saudi Arabia also left its flagship crude price unchanged for the next month.
Military effort has stalled
Renewed attacks on vessels and threats of further fighting raised fears of prolonged disruption, contributing to a sharp rise in oil and Asian LNG prices.
- Brent crude
- Near $96 a barrel after gaining more than 7% during the week.
- West Texas Intermediate
- Traded near $92 a barrel.
- Year-to-date Brent gain
- Almost 60%, according to the article.
- Strait of Hormuz
- Before the conflict, roughly one-fifth of the world’s oil and liquefied natural gas passed through it.
- Asian LNG prices
- Reached their highest level in more than three years during the week.
- CPC oil terminal
- A key outlet for Kazakhstan’s crude exports that had already experienced repeated disruptions in July.
- Conflict assessments
- Vice President JD Vance downplayed the scale of the conflict, while Representative Pat Harrigan said the military effort had clearly stalled.