Oil Jumps Toward Two-Week High After Tankers Struck Near Hormuz

Oil prices moved back above $90 a barrel on September 1 after reports emerged that two tankers had been struck near the Strait of Hormuz, the narrow waterway through which a large share of the world's seaborne oil passes. WTI's October delivery contract and Brent's November contract both climbed to their highest levels in nearly two weeks on the news. A separate wire noted that renewed exchanges between the United States and Iran have kept supply risks in focus, adding to the pressure on prices even before the tanker reports surfaced. Any disruption near Hormuz draws outsized attention from traders because so much crude moves through that single passage. What remains unclear is the scale of damage to the vessels and whether shipping through the strait has actually slowed. Confirmation of vessel names, cargo status, or insurers' loss estimates would sharpen the picture; for now the market is reacting to the headline risk itself.