Oil prices edged lower on Thursday, September 3, 2026, as investors assessed the uncertainty surrounding renewed military strikes between the United States and Iran, raising concerns over potential disruptions to oil supplies from the Middle East.
Brent and WTI Oil Prices Decline
Brent crude futures fell 43 cents, or 0.45%, to $95.20 a barrel at 0029 GMT. U.S. West Texas Intermediate (WTI) crude futures slipped 24 cents, or 0.26%, to $90.77 a barrel.
Both oil benchmarks experienced significant volatility during the previous trading session, swinging between gains of around $2 a barrel and losses of $1 a barrel. Their session highs were the highest since July 24.
Investors Monitor Renewed U.S.-Iran Tensions
The latest attacks marked the most substantial exchange of fire between the United States and Iran since July, with the conflict now entering its seventh month.
Oil prices retreated on tentative signs that the latest escalation could be easing. IG analyst Tony Sycamore said in a note that there had been no confirmed exchange of fire since around midday on Wednesday, Sydney time.
U.S. President Donald Trump said on Wednesday that the renewed U.S. campaign against Iran would not continue for “too long.” He also said U.S. forces had targeted Iran’s radar and missile systems.
Trump described the latest attack as a heavy strike and said U.S. forces were prepared to launch another attack if necessary.
Strait of Hormuz Remains a Key Oil Market Risk
The Strait of Hormuz remains a major focus for oil markets because of its importance to global energy supplies. Preliminary shipping data from Kpler showed that four commodity vessels transited the strait on Wednesday, below the 10-day average of around 13 vessels.
Sycamore said that if the easing of tensions continues, oil shipments through the strait using dark-ship transits and ship-to-ship transfers could return to levels seen at the end of the previous week.
Iran has also added more ships to a list of vessels it considers non-compliant. Those ships could face fines, confiscation or detention if they attempt to sail through the Strait of Hormuz.
The United States said on Tuesday that 17 million barrels of oil had transited the Strait of Hormuz on Monday, describing it as the largest volume of crude to pass through the waterway since the U.S.-Israeli war on Iran began.
Outlook for Global Oil Prices
Oil prices are likely to remain volatile as markets continue to monitor developments in the U.S.-Iran conflict, the security of the Strait of Hormuz and the potential impact on crude oil supplies from the Middle East.
Source :
www.thehindubusinessline.com
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