Brent crude hits intraday high near $99, settles around $96–$97 as Iran strikes expand to Kuwait
Oil heads for biggest weekly gain since July as Iran launches missile and drone attacks on Kuwait, while tanker transits through Hormuz fall to single digits.
Quick summary
Brent crude surged to an intraday high near $99.38 per barrel on September 3 before settling in the $95–$97 range, driven by expanding U.S.–Iran hostilities and sharply reduced tanker traffic through the Strait of Hormuz. Iran launched missile and drone attacks on Kuwait as part of its continuing Operation Punishment of the Aggressor retaliation, following fresh U.S. strikes on Iranian radar, missile infrastructure and mine-laying capabilities along the southern coast facing Hormuz. Multiple outlets reported that tanker transits through the strait have dropped to single digits, versus a rolling average near thirteen vessels, as Brent heads for its biggest weekly gain since July with WTI rising toward $92 per barrel.
Key points
- Brent crude hit an intraday peak near $99.38 per barrel on September 3, then settled in the $95–$97 range—heading for the biggest weekly gain since July.
- Iran expanded Operation Punishment of the Aggressor to include missile and drone strikes on Kuwait.
- The United States carried out a second round of strikes in three days, targeting Iranian radar systems, missile sites and mine-laying capabilities around the Strait of Hormuz.
- Tanker transits through Hormuz have fallen to single digits on recent days, down from a rolling average near 13 vessels.
- President Trump suggested the bombing campaign might not last 'too long,' though no diplomatic end is in sight.
How it unfolded
- New
War begins
The US and Israel launch Operation Epic Fury. Ali Khamenei is killed in the opening strikes.
- Changed
Ceasefire reached, then collapses
The first attempt to halt the fighting does not hold.
- Changed
Second attempt fails
A new memorandum of understanding fails to produce a lasting halt to the conflict.
- New
Operation Economic Outcast
Washington targets more than 60 Iran-linked entities with new sanctions.
- New
Hormuz corridor proposed
Iran and Oman propose a temporary shipping corridor through the strait, as Qatar also pursues mediation.
- ChangedContested
Strait declared cleared
CENTCOM announces that Iranian-placed mines have been cleared from the Strait of Hormuz.
- New
US strike on Larak Island
US forces strike two IRGC rocket-launcher positions, saying they posed an imminent threat to shipping.
- New
Iran responds
The IRGC confirms casualties, condemns the attack and promises retaliation.
- NewContested
New escalation
Iran launches retaliatory missiles and drones toward US bases in Jordan and the UAE. Jordan reports intercepting eight missiles.
- New
Economic impact
Brent crude rises above $90 as markets react to renewed escalation.
- New
Iran appeals for interim deal compliance
Iran urges the US to comply with what it describes as an interim deal, while Trump threatens further strikes.
- New
US launches new strikes near Hormuz
The United States launches a new barrage of airstrikes on Iranian targets around the Strait of Hormuz.
- New
Brent crude hits intraday high near $99
Brent surged to about $99.38 per barrel before settling in the $95–$97 range as markets priced in heightened supply risk.
- New
Iran strikes Kuwait
Iran launched missiles and drones at Kuwait, expanding Operation Punishment of the Aggressor.
- New
US carries out second round of strikes
The United States hit Iranian radar, missile and mine-laying infrastructure in a second wave in three days.
- New
Hormuz transits fall to single digits
Tanker flows through the strait dropped to as few as six vessels on recent days, versus a rolling average near 13.
Claim tracker
23 confirmed · 7 contested · 5 unverified
- Confirmed
The US struck IRGC positions on Larak Island.
- Confirmed
Iran subsequently launched retaliatory attacks on US bases in Jordan and the UAE.
- Confirmed
Previous ceasefire attempts failed.
- Confirmed
The US and Israel launched Operation Epic Fury on February 28.
- Confirmed
The Larak Island strike was the first known US strike on Iranian territory since late July.
- Confirmed
Trump has threatened further strikes against Iran.
- Confirmed
The conflict had shifted into an economic standoff before the Larak Island strike.
- Confirmed
Three Iranian soldiers were killed in the Larak Island strike.
- Confirmed
Iran's retaliation was named Operation Punishment of the Aggressor.
- Confirmed
Iran struck US assets in Bahrain, Kuwait and Iraq in addition to Jordan.
- Confirmed
The US launched new airstrikes on Iranian targets around the Strait of Hormuz after the Larak Island attack.
- Confirmed
Brent crude climbed to around $95 per barrel.
- Confirmed
Oil prices are more than 30% above pre-war levels.
- Confirmed
There was more than 30 days of relative calm before the Larak Island strike.
- Confirmed
The June Memorandum of Understanding declared an end to fighting but deferred key disputes.
- Confirmed
About 20% of the world's oil passes through the Strait of Hormuz.
- Confirmed
Brent crude hit an intraday high near $99.38 per barrel on September 3.
- Confirmed
Iran launched missile and drone strikes on Kuwait on September 3.
- Confirmed
The US carried out a second round of strikes in three days targeting Iranian radar, missile and mine-laying capabilities.
- Confirmed
Tanker transits through the Strait of Hormuz have fallen to single digits on recent days.
- Confirmed
Brent is heading for its biggest weekly gain since July.
- Confirmed
WTI rose toward $92 per barrel.
- Confirmed
Trump suggested the bombing campaign might not last 'too long.'
- Contested
The Strait of Hormuz is under US control.
- Contested
The number of Iranian military and civilian casualties is established.
- Contested
Iran's retaliatory missiles were successfully intercepted.
- Contested
The scale of the oil-price reaction is agreed.
Multiple outlets report different Brent settlement and intraday figures ranging from $95–$99.38.
- Contested
Iran's nuclear programme has been set back 8–12 years.
- Contested
The US military and economic cost of the campaign is known.
- Contested
Iranian strikes turned US bases in the Persian Gulf 'to ashes' and inflicted heavy casualties.
BankingNews asserts extensive damage and casualties; no corroboration from other outlets, and previous reporting indicated no casualties in Jordan.
- Unverified
An Iranian attack on shipping was imminent, as the US stated.
- Unverified
Kharg Island was under attack, as depicted in an AI-generated clip posted by Trump.
- Unverified
There is an interim deal between the US and Iran that Iran wants the US to comply with.
- Unverified
The rocket launchers on Larak Island were attempting to disperse sea mines.
- Unverified
The US struck two Iranian government-owned tankers.
Reported by one outlet (Seoul Economic Daily) citing CENTCOM but not corroborated by other sources.
What we still don't know
- What is the nature and content of the interim deal Iran is referencing?
- Whether an Iranian attack from Larak Island was actually imminent.
- The verified casualty toll from Iranian retaliatory strikes—BankingNews claims heavy casualties while earlier Jordan reports said none.
- The extent of infrastructure damage to US bases across the region.
- Whether the US actually struck two Iranian government-owned tankers, as one outlet reported.
- Whether further Iranian or US strikes will follow, and how long the current bombing campaign will last.
- The true extent of damage to Iran's nuclear programme.
- What activities were underway at the Larak Island launcher sites—imminent attack or mine dispersal?
- The precise targets and effects of the second round of US airstrikes around the Strait of Hormuz.
- Whether the ceasefire framework is effectively ended.
- What reciprocal steps Iran expects from the US under the June Memorandum of Understanding.
- The exact number of tanker transits through Hormuz and whether any have been directly attacked.
- Why oil prices retreated from the intraday $99 peak to settle in the $95–$97 range.
- The impact of high oil and diesel prices on the US and global economy.
US–Israel war with Iran
- US strike on Larak Island triggers Iranian retaliation
- Trump threatens further strikes as Iran appeals for compliance with interim deal
- US launches new strikes around Strait of Hormuz; Iran expands retaliation beyond Jordan
- Hormuz shipping collapses to lowest since May as US, Iran engage in tanker war
- US destroys five Iranian oil tankers after IRGC missile attack on warships
- Brent crude breaks $100 as US strikes five more Iranian tankers and Hormuz traffic falls to six vessels
- Brent crude surges to $105.26 as Iran claims attack on 10 vessels near Hormuz
- Hormuz shipping traffic collapses to seven vessels as oil prices hold above $100
- Brent crude breaks $108 as new strikes hit Iranian ship and Saudi pipeline
- Hormuz traffic collapses to four vessels as Brent holds above $107
- Brent jumps to $108–$109 as Saudi East–West pipeline shut down
- Brent retreats below $105 as Aramco targets partial pipeline restart within days
- Saudi Aramco suspends crude deliveries to India as pipeline repairs begin
Sources analysed
8 outlets in the analysed roster.
- Geo News — Oil edges lower as investors assess fallout from renewed US-Iran fighting
- The Nation (Thailand) — Oil extends rally with Brent above US$95 on Hormuz fears
- Insurance Journal — Trump Says Iran Strikes to Be Short, Asserts Hormuz Control
- KYW Newsradio / Audacy — Iran fires on its Gulf neighbors after US military strikes ...
- Straits Daily Brief — Strait of Hormuz Status: September 3, 2026 | Straits Daily Brief
- TT News — U.S.-Iran conflict stalls with no end in sight - TT
- Seoul Economic Daily — Oil Tops $95 as U.S. Strikes Iran, Bond Yields Surge
- Crux Investor — Single-Digit Hormuz Transits Push Brent Near $95, ...