Crude oil prices climbed Tuesday, Sept. 8, as renewed U.S.-Iran tensions increased fears of prolonged supply disruptions across the Middle East. Brent crude was trading near $98 a barrel and West Texas Intermediate above $93 on the supplied charts, while the market weighed shrinking regional exports against signs that high prices are already curbing demand.
Reuters reported Brent futures at $97.49 a barrel at 4 a.m. GMT, up 0.5%, while WTI gained 1.6% to $92.92. Iran has threatened further retaliation and disruption around the Strait of Hormuz, keeping a geopolitical premium embedded in crude prices.
Brent Approaches $100 as Uptrend Strengthens
The daily Brent chart shows a strong recovery from July lows near $71. By 2:35 a.m. Eastern time Tuesday, the supplied Brent CFD chart showed $98.44, well above its 50-day exponential moving average near $89.57.
Brent Crude Oil Daily Price Trend․ Source: TradingView
The technical structure remains constructive while Brent holds above the $92-$94 region. The immediate challenge is psychological resistance at $100, an area that could determine whether the latest geopolitical rally extends toward the earlier 2026 highs.
A break above $100 would strengthen the bullish setup. Conversely, a retreat below roughly $92 would weaken momentum, while the rising 50-day average near $90 provides a deeper support reference.
Despite major supply disruptions, Brent has struggled to remain above $100. Middle Eastern crude shipments have fallen to about 11 million barrels per day from roughly 18 million before the conflict, but alternative export routes and continued Hormuz traffic have softened the impact.
WTI Pushes Toward $94 With $90 Emerging as Support
WTI is showing a similar recovery. The supplied daily CFD chart placed U.S. crude at $93.85, compared with a 50-day EMA near $84.39.
WTI Crude Oil Daily Price Trend․ Source: TradingView
The chart shows WTI building higher lows through August before accelerating above $90 in September. Holding $90 would keep pressure on the $94-$96 area, while a decisive breakout could bring $100 back into view.
However, the market still faces a significant demand constraint. Reuters reported that estimated third-quarter demand destruction is running near 3.5 million barrels per day, with China accounting for more than half. Meanwhile, production from the U.S., Canada and Guyana is expected to increase by a combined 1.4 million barrels per day this year.
OPEC+ Holds Output as Diesel Market Tightens
OPEC+ added another supportive factor Sunday by keeping October required production at September levels instead of announcing another increase. The group will review market conditions again Oct. 4.
At the same time, refined-product markets remain exceptionally tight. Vitol CEO Russell Hardy said disruptions have removed roughly 2 million barrels per day of products from Russia and nearly another 2 million from the Middle East. Diesel supplies are expected to remain tight through winter even as U.S. refineries operate near capacity.
The latest EIA data showed U.S. commercial crude inventories falling 4.5 million barrels to about 424.5 million barrels, while refinery utilization reached 98%. Because of the Labor Day holiday, the next weekly petroleum report is due Thursday.
For now, crude oil prices retain a bullish bias while Brent holds above $92 and WTI above $90. The next major test is whether worsening Hormuz disruption can push Brent sustainably above $100 despite weakening demand and growing non-OPEC supply.
