Oil prices are accelerating for a second consecutive session as investors grow increasingly sceptical that a peace agreement between the United States and Iran will materialise, reopen the Strait of Hormuz, and restore normal flows to global crude markets.
Brent crude, the European benchmark, rose 0.77% to $91.18 per barrel in morning trading, holding above the $90 threshold it reclaimed in the previous session. West Texas Intermediate (WTI), the US benchmark, gained 0.81% to $86.43 per barrel, while natural gas traded in Amsterdam edged up 0.10% to €69.90 per megawatt-hour.
Oil closed August with a marginal gain, in a month defined by heightened volatility and a return of conflict to the Middle East. Fighting flared in the final days of the month after US forces struck an island in the Strait of Hormuz, alleging that Iran was preparing to lay additional mines along the waterway. In response, the Islamic Republic launched an offensive against American air bases in Jordan and the United Arab Emirates.
Following the exchange of strikes, US President Donald Trump dismissed suggestions that American firepower was being depleted and described the conflict with Iran as a “small war”. Trump also pledged that the United States would respond to the missiles fired by Tehran against its bases, prompting investors to anticipate a near-term escalation of hostilities — an escalation that ultimately did not materialise.
“Investors have trimmed positions in crude oil, as uncertainty persists around the next phase of the conflict with Iran,” Bart Melek, global head of commodity strategy at TD Securities, told Bloomberg. “We continue to expect crude oil prices to rise, as there are no signs that normal transit through the Strait of Hormuz will resume in the near term,” he added.
Source: Diário Económico
Original article: https://www.diarioeconomico.co.mz/2026/09/01/mercados/commodities/petroleo-volta-a-acelerar-com-trump-a-prometer-retaliacao-aos-ataques-iranianos/
