Crude oil prices climbed sharply Monday, Sept. 7, as renewed U.S.-Iran attacks around the Strait of Hormuz intensified concerns about Middle East supply disruptions. Brent crude approached $98 a barrel while West Texas Intermediate traded above $92, with tight diesel supplies, falling U.S. crude inventories and an OPEC+ decision to hold October production steady adding support.
The rally extends last week’s gains, when Brent rose 7.6% and WTI advanced nearly 10%. Tanker traffic through the Strait of Hormuz has fallen to its lowest level since May as the conflict increasingly affects commercial shipping.
Brent Crude Price Nears the $100 Barrier
Brent was trading around $97.50 a barrel at about 2:34 a.m. Eastern time, according to the supplied TradingView CFD chart, up roughly 1.7% on the session. The benchmark reached an intraday high near $97.93.
Brent Crude Oil Approaches $100. Source: TradingView
The daily chart shows Brent comfortably above its 50-day exponential moving average near $89.22, underscoring the strength of the latest advance. The relative strength index has risen to about 64, signaling strong momentum without yet reaching the conventional 70 overbought threshold.
The psychological $100 level is now the clearest nearby test. A sustained break above it would reinforce the bullish structure, while failure to clear that area could trigger profit-taking after the rapid September rally.
Goldman Sachs sees a much more severe upside scenario if attacks on Middle East shipping intensify, warning oil could potentially reach $120 a barrel under deeper disruption. The bank also sees prices potentially falling toward $80 if regional exports normalize, highlighting how heavily the outlook now depends on geopolitics.
WTI Crude Oil Breaks Above $92
U.S. WTI crude traded near $92.62, up about 1.5%, after touching $93.04.
WTI Crude Oil Rallies Above $92. Source: TradingView
WTI is also well above its 50-day EMA, shown near $84.34, while its RSI has climbed to roughly 66. That keeps momentum firmly positive but puts the market closer to conditions where gains can become harder to sustain without fresh supply concerns.
For WTI, $95 is the next obvious resistance area. The $90 region becomes important initial support if prices retreat.
U.S. Oil Inventories Fall 4.5 Million Barrels
Domestic supply data are reinforcing the geopolitical move. U.S. commercial crude inventories fell 4.5 million barrels to 424.5 million barrels in the week ended Aug. 28, according to the Energy Information Administration.
U.S. Crude Oil Stocks Fall 4.5 Million Barrels. Source: U.S. Energy Information Administration via TradingView
The larger draw indicates crude was leaving storage as refiners operated at high rates, adding another supportive element to a market already worried about international supply.
The EIA’s next weekly report is due Thursday, Sept. 10, a day later than usual because of the Labor Day holiday.
OPEC+ Holds October Oil Production Steady
OPEC+ added no immediate supply relief over the weekend. Saudi Arabia, Russia, Iraq, Kuwait, Kazakhstan, Algeria and Oman agreed Sunday to maintain September production requirements through October. The group will meet again Oct. 4.
That decision comes as Middle East shipping risks remain elevated. An average of roughly 10 commodity vessels per day crossed Hormuz during the latest 10-day period, the lowest rate since May, according to shipping data reported by Reuters.
Heating Oil Rally Signals Broader Fuel Tightness
The pressure is also visible beyond crude.
Heating Oil Futures Rally Above $4.60. Source: TradingView
Heating oil futures traded around $4.61, up roughly 1.6% Monday and well above their 50-day EMA near $4.15. RSI near 63 points to continued positive momentum.
That matters because refined-product tightness can translate into higher diesel and transportation costs. U.S. retail diesel prices reached a record last week as Middle East disruptions and refinery constraints tightened supplies.
For crude oil prices, geopolitics remains the dominant catalyst. Brent’s immediate test is $100, while WTI is approaching $95. Continued disruption around Hormuz could keep both benchmarks under upward pressure, but any credible improvement in shipping flows could quickly remove part of the geopolitical premium now embedded in oil prices.
