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EnergyNow Morning Oil Price Report
Report Date & Time: September 8, 2026 — 5:31 a.m. MDT
Summary
- WTI crude is trading near US$93.81 per barrel on TradingView, up $1.16, or about 1.3%, from Monday’s official $92.65 settlement. WTI is clearly higher this morning and has reached its strongest level since early June.
- Brent crude is trading near US$98.36 per barrel on TradingView, up $1.05, or about 1.1%, from Monday’s $97.31 settlement. Brent traded as high as $99.46 earlier Tuesday, putting the $100-per-barrel threshold firmly back in focus.
- Oil is rising on genuine physical supply concerns as well as geopolitical risk. Houthi attacks have disrupted Saudi energy facilities, Iran is threatening broader “economic warfare,” and tanker traffic through the Strait of Hormuz remains well below normal.
Latest Oil Prices
Oil prices are firmly higher Tuesday morning, extending Monday’s gains as escalating Middle East hostilities threaten both crude production infrastructure and shipping.
TradingView lists its NYMEX WTI continuous contract at approximately US$93.81 per barrel at report time. Against Monday’s official Reuters-reported settlement of $92.65, WTI is up about $1.16 per barrel, or 1.3%. TradingView shows the current front month as October 2026.
TradingView’s broader energy-futures table shows Brent around US$98.36 per barrel. Monday’s official Brent settlement was $97.31, putting Brent approximately $1.05, or 1.1%, higher on a settlement-to-current basis.
Reuters was quoting Brent at $98.39 and WTI at $93.73 at 3:56 a.m. MDT, closely matching the TradingView indications. Brent earlier touched $99.46, while WTI reached $94.73.
There is no material contract-rollover issue affecting today’s comparison.
Why Oil Is Moving
The immediate catalyst is the expansion of Middle East attacks beyond the Strait of Hormuz itself.
Iran-backed Houthi forces attacked Saudi energy facilities Tuesday, forcing operations to halt temporarily at some locations and injuring 73 people. The attacks represent a significant escalation because they directly threaten infrastructure in the world’s largest crude-exporting country.
At the same time, Iran threatened the United States with broader “economic warfare” and said it fired an advanced missile at U.S. warships.
This follows weekend U.S. strikes on three Iranian oil tankers, including one near Kharg Island, Iran’s principal export hub.
Key Market Risks or Catalysts
The Strait of Hormuz remains the single biggest market risk. Roughly one-fifth of global daily oil and LNG supply moved through the waterway before the conflict began, and current tanker flows remain materially below normal.
Physical tightness is increasingly important. Reuters notes that alternative export routes, including pipelines and terminals outside Hormuz, are helping prevent a larger price spike, while rising production from the U.S., Canada and Guyana is providing additional supply. Those factors help explain why Brent has not yet broken decisively above $100.
Goldman Sachs nevertheless warns that oil could reach $120 per barrel if attacks on Middle Eastern shipping intensify. The bank has also raised its December 2026 Brent and WTI forecasts by $5, to $85 and $80 respectively, based on expectations that shipping disruptions could persist into 2027.
Refined products remain another bullish factor. Diesel supplies are tight because of limited spare refining capacity, Russian export restrictions and approaching winter demand.
Bottom Line
Oil is decisively higher Tuesday morning, with WTI near $94 and Brent approaching $100.
The market is no longer reacting solely to the possibility of supply disruption — actual physical infrastructure and shipping are being affected. That distinction is important and helps explain why crude has continued to advance despite already substantial gains over the past two weeks.
The next major psychological test is clear: whether Brent can sustainably break above $100 per barrel.
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