Crude Oil Spotlight September 7, 2026
Crude oil prices have jumped about 8% since last week. This morning, the 400K-bpd Jizan refinery in Saudi Arabia was attacked once again by Houthis, while attacks on shipping in the Strait of Hormuz continued.
WTI: Key resistance is $95.50; critical support is $84.80.
Brent: Key resistance is $102.00; critical support is $92.00.
Update on Escalating US-Iran Conflict
The US has widened its attacks to include Iranian tankers. Last week, Iran initially attacked US-linked vessels, and the US responded by attacking three Iranian tankers.
Iran is trying to reassert control over the Strait of Hormuz (SoH) by stating they will announce a new restricted shipping corridor in the Gulf. Prior approval to enter the zone will be required, or shipping companies will face Iranian sanctions. The US, however, claims that it controls the SoH and that the Strait is open for transit.
Despite this, Energy Secretary Wright stated that the Strait is not safe for tankers unless they have US Naval protection. The US also claims that tanker transits through the SoH are much higher than what tracking reports indicate.
Currently, Reuters reports that an average of only 10 vessels per day have transited the Strait over the past two weeks—the lowest level since May. Notably, no VLCCs have transited the SoH since last Wednesday. However, the actual volume of oil passing through the Strait is subject to fierce debate, as it is very difficult to monitor exactly how many ships are transiting.
Iranian oil exports have collapsed to about 260K bpd.
Goldman Sachs noted this morning that ongoing attacks on tankers could push the price of oil to around $120 (Brent).
Other News...
Veranico for Brazil later? Seems like it rains everyday in Mato Grosso. So far, very nice start. What could go wrong?
Big rains in Parana. Snow in RGDS overnight. That is very strange for September. JUNE yes, but not now.
Milton Friedman said it best:
“Keep your eye on how much the Government is spending, because that is the true tax.
There is no such thing as an unbalanced budget. You PAY FOR IT either in the form of taxes, or indirectly in the form of inflation or debt.”
Fact check: TRUE ✅
A días de Qatar 2022: la yerba mate uruguaya producida en Brasil que acompaña a la Selección Argentina y enfurece a la industria argentina https://t.co/QsUgmvzxiB