Oil Prices Today, Saturday, September 5, 2026: Brent Jumps 7.6% for Week as Iran Tanker Strike Raises Fresh Supply Risk

Oil prices enter the weekend with a much bigger geopolitical risk hanging over the market. Brent crude ended Friday at $92.68 a barrel after climbing 7.6% for the week, but a new report Saturday that a tanker near Iran’s key Kharg Island oil hub was hit by U.S. missiles could put supply fears back at the center of trading when markets reopen.

The latest confirmed oil market figures are:

• Brent crude: $92.68 a barrel at Friday’s settlement, up $0.76, or 0.8%, for the day
• WTI crude: $91.48 a barrel at Friday’s settlement, up $0.18, or 0.2%
• Brent weekly move: up 7.6%
• WTI weekly move: up nearly 10%
• U.S. average diesel price: $5.85 a gallon, a record high

Those figures come from a Friday Reuters report. Brent had traded above $95 earlier Friday and reached $97.29 during Thursday’s session before pulling back. That means the market finished below its weekly highs, but crude still recorded one of its strongest weekly moves in months.

Saturday brought a new risk that was not reflected in Friday’s closing price. Iran’s semi-official Tasnim news agency reported that an Iranian tanker near Kharg Island was hit by four U.S. missiles. Local sources cited by Tasnim said there were no casualties and the crew was being evacuated. At the time of the report, Iranian authorities had not issued an official announcement and U.S. Central Command had not responded to Reuters.

That lack of independent confirmation matters. The incident should therefore be treated as a reported strike, not as a fully confirmed U.S. military action. The Associated Press also reported the Iranian claim and said there was no immediate U.S. confirmation.

Still, the location is important for oil markets. Kharg Island handled about 90% of Iran’s crude exports before the current conflict, according to Reuters. Iran’s exports have already been severely disrupted by the U.S. blockade, making any threat to infrastructure or tankers around Kharg a potential new source of market pressure.

The new development comes after a powerful week for crude. Readers following the move can compare Friday’s finish with our Thursday oil update and the earlier Iran oil move, when renewed military exchanges were already pushing a larger geopolitical premium into prices.

The Strait of Hormuz remains the biggest supply concern. Only four commodity vessels crossed the strait on Thursday, down from nine Wednesday and far below the recent 10-day average of about 15, according to preliminary Kpler data reported by Reuters. Before the war, about 125 large commercial vessels crossed the waterway each day.

That matters because Hormuz has historically carried roughly one-fifth of global daily crude oil and liquefied natural gas supply. Even when physical barrels continue moving, slower shipping, higher insurance costs and the threat of new attacks can raise the risk premium built into crude prices.

Oil traders have seen this pattern throughout the week. Brent moved sharply higher after renewed U.S. strikes on Iran, climbing to $97.29 on Thursday before easing. Our earlier September 2 update tracked the first stage of that renewed rally, while our oil and gas coverage examined the wider fuel-price impact.

For consumers, diesel is becoming especially important. Reuters reported that the U.S. average diesel price reached a record $5.85 a gallon as Middle East disruptions and attacks on Russian refining capacity tightened fuel supplies. Higher diesel costs can spread through trucking, farming, construction and delivery costs, creating another inflation risk.

The next major oil move will come when futures trading resumes. Traders will be watching for confirmation or denial of Saturday’s reported tanker strike, signs of damage around Kharg Island, any Iranian response and fresh evidence on traffic through Hormuz.

For now, the clearest picture is that Brent finished the week at $92.68, far above where it began, while the geopolitical risk surrounding Middle East oil supply increased again after Friday’s market close.

If the Kharg Island incident leads to further military action or another reduction in tanker flows, oil prices could face renewed upward pressure. If supply continues moving without major disruption, part of the current geopolitical premium could fade.