What will WTI Crude Oil (WTI) hit Week of September 7 2026?
Recent U.S.-Iran military exchanges and tanker strikes have elevated geopolitical supply risks through the Strait of Hormuz, pushing WTI futures to settle near $91.48 on September 4 and trade above $92 early in the week of September 7 amid a roughly 9% weekly gain. A 4.5 million-barrel commercial crude draw reported by the EIA tightened physical balances, while OPEC+ left October quotas unchanged, sustaining the risk premium. Strong refinery utilization and reduced Hormuz traffic reinforced upward pressure, with prices up more than 40% year-over-year. Traders are monitoring further conflict developments and the next inventory release for shifts in near-term implied probabilities.