Brent Jumps to $94 After Fresh U.S.-Iran Escalation

Oil prices accelerated their gains on Tuesday, September 1, 2026, as the United States announced strikes against targets of Iran's Islamic Revolutionary Guard Corps (IRGC): Brent rose 3.97% to $94.08 per barrel and WTI 4.47% to $89.59, according to Bloomberg Línea. The move extends a second consecutive session of gains since hostilities resumed over the weekend.

U.S. Central Command (CENTCOM) reported that American forces began striking IRGC positions following recent Iranian attempts to attack commercial vessels in the Strait of Hormuz and military personnel deployed in the region. The strait is one of the world's most critical energy arteries, and the Brent and WTI benchmarks set the price of Mexico's export crude blend and the refined fuels the region imports, meaning the geopolitical risk premium translates directly into higher supply costs for Mexico and other Latin American markets. The energy price surge also reignited inflation concerns: The Guardian reported that the yield on the 10-year British government bond reached 5.29%, an 18-year high, before moderating.

According to Bloomberg Línea, the flashpoints the market is tracking include strikes against Iranian rocket launchers on Larak Island, Iran's retaliatory actions against the United Arab Emirates and Jordan, and Kharg Island, home to Iran's primary crude export terminal. Oil has now gained more than 50% year-to-date, even as some Persian Gulf cargoes continue moving via alternative routes and vessels operating without transponder signals, the same source reports. The resumption of hostilities between the United States and Iran heightens concern about prolonged disruptions to flows through the Strait of Hormuz, said Ole Hansen, analyst at Saxo Bank. In the United States, the 30-year Treasury yield reached 5.28%, its highest level since January 2025.

Lucas Saavedra, markets analyst at Capitaria, projects an upward bias as long as the strikes continue, with WTI heading toward $90; if Iran-Oman negotiations advance, he anticipates a correction toward the $75 to $76 per barrel range. The key signal to watch is whether that dialogue gains traction or transit through Hormuz remains restricted.

This article was drafted with the assistance of artificial intelligence drawing on verified sources and reviewed by a human editor before publication.