Brent crude tops $96 per barrel after Trump claims 'almost total control' of Strait of Hormuz
Oil prices rose for the third consecutive session on Wednesday as traders were jittery of extended disruption to crude supplies via Hormuz after a fresh renewal in hostilities between the US and Iran.
- Sep 2, 2026,
- Updated Sep 2, 2026 7:42 AM IST
After US President Donald Trump on Wednesday claimed that Washington was in "almost total control" of the Strait of Hormuz, Brent crude surged past $96 per barrel. US West Texas Intermediate (WTI) crude, on the other hand, rose to $91.46 per barrel.
In a Truth Social post, Trump wrote, "I’m not trying to force Iran to the bargaining table, as ABC Fake News reported. I couldn’t care less if they sign a worthless, to them, agreement. I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing. They are just playing out the inevitable. When are the Iranian people going to rise up and fight? President DJT."
Oil prices rose for the third consecutive session on Wednesday as traders were jittery of extended disruption to crude supplies via Hormuz after a fresh renewal in hostilities between the US and Iran. The latest US military strikes took place after Trump said that US forces acted in response to an alleged Iranian attempt to lay mines in the strait and a strike on a US base.
The US President warned that further action by Washington would be in response to any offensive by Iran.
"The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members deployed to the region," US Central Command said in a post on X, referring to Iran's Islamic Revolutionary Guard Corps (IRGC).
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The IRGC, on the other hand, said that the US attacks would further restrict traffic via the strategically vital waterway that carried around 20% of the global oil consumed before the conflict and which Iran has effectively closed to commercial shipping since the war began.
Furthermore, the URGC said it targeted an American military base in Jordan with ballistic missiles that killed a large number of US forces. Iranian state media, on the other hand, reported a large-scale drone attack on a US base in Bahrain in response to Washington's offensive.
The Jordanian military said that its air defences intercepted 10 out of 13 ballistic missiles that entered its airspace. Two US officials said that no American casualties were reported so far from the attacks, according to Reuters.
The latest exchange followed a weekend flare-up in hostilities, the first since July, and came after attacks on two tankers departing the Strait of Hormuz on Monday, causing further disruptions to oil supplies and forcing traders to seek alternative crude shipments.
After US President Donald Trump on Wednesday claimed that Washington was in "almost total control" of the Strait of Hormuz, Brent crude surged past $96 per barrel. US West Texas Intermediate (WTI) crude, on the other hand, rose to $91.46 per barrel.
In a Truth Social post, Trump wrote, "I’m not trying to force Iran to the bargaining table, as ABC Fake News reported. I couldn’t care less if they sign a worthless, to them, agreement. I like our position now much better, with almost total control of the Hormuz Strait, and their economy totally collapsing. They are just playing out the inevitable. When are the Iranian people going to rise up and fight? President DJT."
Oil prices rose for the third consecutive session on Wednesday as traders were jittery of extended disruption to crude supplies via Hormuz after a fresh renewal in hostilities between the US and Iran. The latest US military strikes took place after Trump said that US forces acted in response to an alleged Iranian attempt to lay mines in the strait and a strike on a US base.
The US President warned that further action by Washington would be in response to any offensive by Iran.
"The strikes follow recent attempted attacks by the IRGC against commercial shipping in the Strait of Hormuz and against American service members deployed to the region," US Central Command said in a post on X, referring to Iran's Islamic Revolutionary Guard Corps (IRGC).
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The IRGC, on the other hand, said that the US attacks would further restrict traffic via the strategically vital waterway that carried around 20% of the global oil consumed before the conflict and which Iran has effectively closed to commercial shipping since the war began.
Furthermore, the URGC said it targeted an American military base in Jordan with ballistic missiles that killed a large number of US forces. Iranian state media, on the other hand, reported a large-scale drone attack on a US base in Bahrain in response to Washington's offensive.
The Jordanian military said that its air defences intercepted 10 out of 13 ballistic missiles that entered its airspace. Two US officials said that no American casualties were reported so far from the attacks, according to Reuters.
The latest exchange followed a weekend flare-up in hostilities, the first since July, and came after attacks on two tankers departing the Strait of Hormuz on Monday, causing further disruptions to oil supplies and forcing traders to seek alternative crude shipments.