Shafaqna English– The upward momentum in oil prices carried over into Wednesday’s(2 Sep 2026) early trading, building on the substantial gains recorded in the prior session.
This renewed rally is largely attributed to escalating anxieties over potential supply bottlenecks, which have been aggravated by a series of reciprocal military strikes exchanged between the United States and Iran overnight.
The escalation has effectively dashed any remaining expectations for a near-term de-escalation of hostilities in the Middle East, leaving markets braced for further volatility.
The magnitude of the price rally is striking: Brent crude rose by 87 cents (0.92%) to $95.52 a barrel by the early morning hours, while WTI advanced by 80 cents (0.89%) to reach $91.02. These incremental gains, however, pale in comparison to Tuesday’s explosive moves, when both benchmarks soared by more than $4 apiece—a spike that pushed Brent to its largest daily percentage increase since late July and handed WTI its most impressive one-day performance in nearly the same timeframe.
Such sharp movements reflect a market that is aggressively repricing geopolitical risk in real time.
Source: Reuters