Oil prices stayed mostly the same on Thursday as traders were watching what was happening with the US-Iran conflict and how safe it was to move ships through the Strait of Hormuz, a place for the global oil supply. The price for Brent oil that was set to be delivered in October went up by 25 cents, which is 0.3% and reached $91.87 for each barrel. At the time, the price for US West Texas Intermediate oil that was set to be delivered in September went down by 2 cents to $85.81 for each barrel. Also,, the price for the October WTI contract went up by 14 cents, which’s 0.2% and reached $84.53 for each barrel.
The conservative approach was seen following the four days of gains in both futures contracts on Wednesday, which had not been seen since July 24. The latest movements indicate that market participants remain focused on geopolitical developments and the potential impact of maritime security on crude supplies and transportation.
![Tugboat paddling in front of three large cargo ships near a rocky, desert coastline as mountains loom in the background]](https://gulftribune.org/wp-content/uploads/2026/08/139-1024x737.jpg "139 - Gulf Tribune")
The Strait of Hormuz remains central to the outlook because disruptions to shipping through the waterway could affect the movement of oil from the Gulf to international markets.
Investors are therefore monitoring developments surrounding the conflict between the United States and Iran alongside indications of whether commercial vessels can continue operating through the passage without major disruption.
Brent’s move above $91 a barrel places the benchmark at a significantly elevated level compared with earlier trading in the month, while WTI remains in the mid-$80 range. The divergence between the September and October WTI contracts also highlights continued attention to near-term supply and demand conditions in the US market.
Market participants are expected to continue watching shipping activity through Hormuz, where any deterioration in maritime security could introduce additional risk premiums into crude prices. Conversely, signs of improved stability could ease concerns over supply disruptions and limit further gains.
For energy-importing economies and major oil-producing countries across the Gulf, developments around the waterway remain particularly important because prolonged disruption could affect freight costs, supply schedules and wider energy-market volatility.
