Oil prices headed for their biggest weekly gain since July as renewed US-Iran hostilities heightened concerns about prolonged disruptions to energy flows through the Strait of Hormuz.

West Texas Intermediate (WTI) crude rose toward $92 a barrel, up more than 9% for the week. Brent crude settled below $96 in the previous session.

The flare-up followed a period of relative calm, with a US bombing campaign earlier in the week met by Iranian retaliation against American bases in the region, according to a Bloomberg Markets report dated September 3, 2026.