Oil prices rose on Sept 1 as renewed fighting between the US and Iran heightened concerns over supply disruptions from the Middle East.
Reuters reported that Brent crude gained 56 cents, or 0.6%, to US$91.05 a barrel as at 0044 GMT, while US West Texas Intermediate (WTI) climbed 83 cents, or 1%, to US$86.59.
The gains extended the rally on Aug 31, when Brent surged 2.7% and WTI advanced 2.8%, as tensions escalated following fresh direct attacks between Washington and Tehran.
Supply concerns remain centred on the Strait of Hormuz, which carried about a fifth of global oil supplies before the conflict began. Vessel traffic through the waterway has fallen sharply, while mediation efforts by Qatar and Oman to secure its reopening have yet to make progress.
Shipping risks were further highlighted after a tanker reported being struck by three projectiles while exiting the strait on Sept 1, although no casualties or environmental damage were reported.
Meanwhile, US Strategic Petroleum Reserve inventories fell by about 3.1 million barrels last week to 286.6 million barrels, adding to concerns over limited supply buffers.
Analysts polled by Reuters expect oil prices to remain above US$80 a barrel in 2026 as shipping disruptions continue.
