U.S. crude traded around the $90 level on Wednesday as Middle East tensions escalated, with reports that Iran struck back at U.S. allies Kuwait, Jordan and Bahrain following a U.S. attack on Iran, according to CNBC.
Key facts
- U.S. crude traded around the $90 level amid escalating Middle East tensions, according to CNBC.
- Oil prices were volatile on Wednesday, 2 September 2026.
- The moves followed a reported U.S. attack on Iran, according to CNBC.
- Iran reportedly retaliated with strikes on U.S. allies Kuwait, Jordan and Bahrain, according to CNBC.
- CNBC's reporting varied between crude topping $90 and trading near $90 as it updated coverage through the day.
Oil prices were volatile on Wednesday as tensions in the Middle East continued to escalate, with U.S. crude trading around the $90 a barrel level, according to CNBC. The moves came after the U.S. reportedly attacked Iran and Tehran reportedly struck back at U.S. allies in the region.
According to CNBC, the confrontation intensified after the U.S. carried out an attack on Iran. In response, Tehran reportedly launched strikes against U.S. allies Kuwait, Jordan and Bahrain. These accounts are attributed to CNBC and have not been independently verified here.
The reported retaliation against multiple U.S. allies added to concerns in energy markets, contributing to the swings in oil prices through the trading day, according to CNBC.
CNBC described the price action as volatile, with its coverage variously putting U.S. crude at topping $90 in an earlier version and near $90 in a later update as traders weighed the developing situation. The outlet described tensions as continuing to escalate rather than easing.
The events unfolded on Wednesday, 2 September 2026, with CNBC updating its coverage through the morning and into the afternoon as the situation developed.
Key details remain unconfirmed. The scale of the reported attacks, any casualties and the wider market reaction were not provided in the available reporting.
Why it matters
The Middle East is a critical source of global oil supply, so any escalation there can push energy prices higher and ripple through the broader economy. Rising crude prices can feed into fuel and other costs for consumers and businesses worldwide.
Frequently asked questions
How high did U.S. crude go?
According to CNBC, U.S. crude topped $90 a barrel amid the escalating Middle East tensions on Wednesday.
Which countries did Iran reportedly strike?
CNBC reported that Iran retaliated with strikes on U.S. allies Kuwait, Jordan and Bahrain.
What triggered the escalation?
According to CNBC, tensions escalated after the U.S. attacked Iran, prompting Tehran to reportedly strike back at U.S. allies.