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Oil climbs past $90 as Middle East conflict keeps Strait of Hormuz shut

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September 1, 2026
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On Tuesday, oil prices saw a significant uptick, driven by escalating tensions between the US and Iran and looming risks to supply chains. Brent crude hit $91.04, while WTI crude climbed to $86.55 per barrel. The Strait of Hormuz is a focal point of concern for global oil supply stability. Additionally, there are efforts in Venezuela aimed at replenishing US oil reserves.

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