Oil heads for biggest weekly gain since July on Iran supply risks

September 4, 2026 at 08:09 AM2 min

This digest was compiled by AI from multiple sources — links to the originals are below.

Oil prices rose on Friday, putting Brent on track for its biggest weekly gain since mid-July. The market is reacting to escalating US-Iran tensions and new supply risks from the Middle East.

Key Facts

November Brent futures rose 0.2% to $95.67 per barrel, while WTI added 0.3% to $91.56 per barrel.
Brent has gained 7.1% and WTI 9.8% since the start of the week, potentially the strongest weekly performance since the week ending July 20.
US Vice President J.D. Vance said Washington will not negotiate with Iran until Tehran stops attacks on commercial ships in the Strait of Hormuz.
Iraqi crude exports rose to about 2.34 million barrels per day in August from about 1.35 million barrels per day a month earlier, according to two Iraqi energy officials.

Price Action

November Brent futures rose 0.2% to $95.67 per barrel, while US WTI added 0.3% to $91.56 per barrel. Since the start of the week, Brent has gained 7.1% and WTI 9.8%. That weekly increase could be the largest since the week ending July 20.

Iran and Hormuz Risks

The resumption of hostilities between Washington and Tehran has heightened investor concerns about possible oil supply disruptions from the region. US Vice President J.D. Vance said Washington will not negotiate with Iran until Tehran stops attacks on commercial ships in the Strait of Hormuz. Iran has expanded its list of vessels deemed to be violating established requirements, and such ships could face fines, confiscation, or detention when attempting to pass through the Strait of Hormuz.

Iraqi Export Increase

Iraqi crude exports rose to about 2.34 million barrels per day in August from about 1.35 million barrels per day a month earlier, according to two Iraqi energy officials. Exports are expected to rise further in September, helped by substantial discounts and Iran's permission for Iraqi tankers to pass through the Strait of Hormuz. Despite the increase in Iraqi supplies, the oil market remains focused on geopolitical risks.