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Brent settled at $97.31 and WTI rose to about $92.65 on September 7, with Brent hitting its highest level since July 24. Tanker traffic through the Strait of Hormuz had fallen to its lowest since May, and Goldman Sachs said prices could reach $120 if shipping attacks increase.
Shrinking Hormuz traffic raises the risk of a larger supply shock, which would feed through to diesel, fertilizer and freight costs. These costs are passed on to feed prices.
reuters.comShariq KhanSep 7, 2026After 656 past bullish geopolitics events, Crude Oil (Brent) moved a median +1.9% over 5 sessions (63% higher; middle half -2.7% to +6.6%), and +0.7% over 20.
After 626 past bullish geopolitics events, Crude Oil (WTI) moved a median +2.1% over 5 sessions (62% higher; middle half -2.3% to +8.5%), and +1.6% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.
