Market Reaction
At 20:20 ET (00:20 GMT) Brent crude futures for November rose 0.7% to $91.08 per barrel, while West Texas Intermediate (WTI) futures climbed 1% to $86.60 per barrel. The previous session had seen Brent up 3% and WTI up 3.6%, extending the price gains into Asian trading on Tuesday.
Geopolitical Developments
U.S. President Donald Trump threatened further strikes against Iran after U.S. forces hit Iranian military targets on Larak Island, ending a weeks‑long lull in direct attacks. Iran responded by launching missiles at U.S. military facilities in Jordan, prompting Trump to pledge a strong response. A tanker exiting the Strait of Hormuz was struck by three unidentified projectiles, according to the United Kingdom Maritime Trade Operations agency, underscoring heightened risks to commercial shipping in the strategic waterway.
Supply‑Side Updates
OPEC+ approved an additional production quota increase of roughly 188,000 barrels per day effective from September, completing the planned rollback of earlier voluntary cuts. Over the weekend Russia extended its diesel export ban until 30 September, adding pressure on refined fuel supplies. President Trump announced that oil secured under a newly announced deal with Venezuela would be used to replenish the U.S. Strategic Petroleum Reserve (SPR), which stood at about 290 million barrels as of 21 August – near its lowest level in 44 years. The timeline for the Venezuelan deal to translate into additional crude supplies remains unclear.
Source Details
The article, authored by Ayushman Ojha and published on 1 September 2026 at 06:14 am, is sourced from Reuters and distributed via Investing.com.