Brent crude traded above $90 on August 31, 2026, as U.S.-Iran developments supported oil prices. Rigzone reported that Naeem Aslam, chief investment officer at Zaye Capital Markets, linked the support to uncertainty over shipments through the Strait of Hormuz. Saxo Bank also cited renewed military activity and potential additional U.S. sanctions on Iran.
Aslam highlighted International Energy Agency estimates showing global supply decreasing by 4.3 million barrels per day in 2026, July inventories falling by 69 million barrels and a third-quarter supply shortfall of approximately 1.8 million barrels per day. Meanwhile, OPEC+ had authorized an additional 188,000 barrels per day for September.
Demand and future production also remain relevant. The IEA projects oil consumption decreasing by about 1.6 million barrels per day this year. Aslam noted that additional Venezuelan supplies would require investment and infrastructure, while OPEC+ additions could moderate price gains. Saxo Bank estimated that Hormuz crude flows remained at six to eight million barrels per day.
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