Will WTI Crude Oil (WTI) hit $90 Week of August 31 2026?
WTI remains several dollars below $90 despite renewed Gulf conflict, so a qualifying touch this week is a meaningful underdog.
WTI began the week several dollars below $90 and remained near $85.60 on September 1. Renewed military action and tanker incidents leave a sharp risk-premium surge possible, especially with global stocks tight. However, partial Gulf exports continue, recent attacks had not removed additional barrels, and rising production offers a counterweight. A sub-$90 weekly high is more likely, while the conflict keeps a qualifying touch a meaningful underdog.
- WTI entered the week with substantial ground to cover before reaching $90.On August 31, the October 2026 WTI contract recorded a reported daily high of $86.82.
- Continuing Gulf exports reduce the immediate pressure for an oil-price spike.On September 1, major Gulf producers were still shipping partial oil volumes through the Strait of Hormuz.
- Expected supply growth from the United States and OPEC+ limits the effect of geopolitical risk.On August 25, OPEC+ had approved a September production increase of 188,000 barrels per day, while EIA forecast record U.S. output for 2026.
- Fresh attacks on shipping create a credible route to a sudden risk-premium surge.On August 31, UKMTO reported that an outbound tanker east of Khasab was struck by three unknown projectiles.
- Tight global balances make prices more sensitive to any additional supply disruption.On August 25, global oil stocks were reported to have declined by 410 million barrels since late February.
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