Brent Hits a Six-Week High After Iran Strikes Kuwait Bases
Energy · MARKETS
Key Facts
- —What happened Iran launched missile and drone attacks on US bases in Kuwait on September 3.
- —How big Brent crude settled at US$95.63 on September 2, the highest since late July.
- —The catch Intraday prices neared US$99, but settlement stayed below US$97.
- —Who it hits Higher oil prices boost revenues for Venezuela, Ecuador, and Argentina.
- —What comes next Kuwaiti air defenses intercepted attacks; no official casualty figures confirmed.
Iran attacked US bases in Kuwait, driving oil prices up. Brent settled at its highest level since late July.
Iran struck US military bases in Kuwait, pushing brent oil to a six-week high. Brent settled at US$95.63 on September 2, the highest since late July.
Oil Prices Surge After Iran Attacks
Brent crude settled at US$95.63 per barrel on Wednesday, September 2, 2026. That was up about 1% from the previous day, according to market reports.
The price was the highest since late July, driven by renewed fighting between the United States and Iran. Fears of supply disruptions pushed prices higher.
Intraday Peak Near US$99
On September 3, brent oil hit an intraday high of US$99.38 per barrel by 08:00 Eastern time. That report came from CryptoBriefing, a market news outlet.
However, settlement prices that day landed in the US$95 to US$97 range. So oil did not close above US$100, despite touching near that level.
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Iran’s Strikes on Kuwait Bases
Iran’s army said it launched missile and suicide-drone attacks early Thursday, September 3. Targets included US bases there and the United Arab Emirates.
Specifically, Iran claimed to hit satellite communications systems, warehouses, and hangars at Kuwait’s Ahmed Al Jaber Air Base. It also targeted Al Minhad Air Base in the UAE.
Earlier Attacks on September 2
Reuters reported that on September 2, Iran struck what it said were US assets in Bahrain, Jordan, Kuwait, and Iraq. In Kuwait, Iran claimed a missile and drone attack on Ali Al Salem air base and a residential complex.
Kuwait’s fire service said it put out a blaze at a residential complex hit by a drone. This was part of a broader exchange between the US and Iran.
Kuwaiti Defenses Respond
Kuwait’s army said it was intercepting missile and drone attacks from Iran on September 3. Kuwaiti air defenses engaged incoming projectiles, according to reports.
The army told residents that explosions they heard were interceptions, not direct hits. Neither Washington nor Kuwait City has confirmed any impact or damage.
No Confirmed Casualties
As of now, there is no confirmed casualty or damage figure from the Kuwait strikes. Neither Washington nor Kuwait City has verified any impact.
Iranian state media claimed a US base was hit and smoke was rising. But US and Kuwaiti officials have not verified these claims.
Iran Calls It Retaliation
Iran’s army said the September 3 strikes were the 31st wave of its Saeqeh, or Lightning, operation. Iranian sources said the strikes targeted ‘US terrorist forces’.
Iranian sources warned of a harsh response to any further American attack. Middle East Eye and TASS carried that warning on 3 September.
WTI Crude Also Climbed
US benchmark WTI crude settled at US$90.22 per barrel on September 1, up US$4.46, or 5.2%, from the prior day. Both Brent and WTI reached their highest levels since late July.
Brent crude settled even higher the next day, at US$95.63 on September 2. The Kuwait strikes kept both benchmarks elevated into September 3.
Attacks Also Hit Bahrain and Jordan
Bahrain said its air defenses intercepted and destroyed Iranian drones on September 2. Jordan said 13 ballistic missiles entered its airspace that day, with 10 intercepted.
Three missiles fell in remote areas of Jordan, officials said. The wider Gulf exchange added to fears of disruption beyond Kuwait alone.
Impact on Oil Exporters
Oil is quoted in US dollars per barrel, so a higher price directly lifts export earnings. This is good news for oil-producing countries like Venezuela, Ecuador, and Argentina.
These nations rely heavily on oil revenue. A sustained price rise could improve their fiscal positions, though volatility remains a risk.
Market Context
The price rise comes during a market already thin on spare capacity. Analysts at Adalytica noted that renewed US-Iran fighting stoked supply fears.
Brent‘s settlement on September 2 was US$0.98 higher than the previous day, a gain of about 1%. Brent then settled near US$96.58 on September 3, extending the six-week high, according to Trading Economics.
What to Watch
Traders will watch for any official confirmation of damage or casualties from the Kuwait strikes. Such news could push prices higher.
Also, watch for any US military response. Further escalation could drive brent oil above US$100, though that has not happened yet.
Oil Price Forecasts
Some analysts say oil is ‘flirting with triple digits’, but forecasts are uncertain. No one can predict the next move with certainty.
The situation remains fluid. Any diplomatic breakthrough could ease prices, while more attacks could send them soaring.
Global Reactions
The United States has not issued a detailed official statement on the specific Kuwait strikes. Most reports rely on Iranian claims and Kuwait’s defensive response.
Kuwait’s army has confirmed it is responding to hostile attacks. The UAE also condemned Iran’s hostile attacks across the wider Gulf region.
Biggest Exchange Since July
Analysts described the September 2-3 exchange as the biggest round of US-Iran fighting since July. Kuwait’s army said Thursday it was repelling missile and drone attacks.
US Energy Secretary Chris Wright said over 17 million barrels of oil moved through the Strait of Hormuz on August 31. That eased the worst supply fears for now.
Conclusion
Brent oil reached a six-week high after Iran’s attacks on US bases there. The settlement price on September 2 was US$95.63, the highest since late July.
Intraday prices neared US$99 on September 3, but closed lower. The situation remains tense, and oil markets are likely to stay volatile.
Frequently Asked Questions
Why did oil prices rise to a six-week high?
Iran attacked US military bases in Kuwait, raising fears of supply disruptions. Brent settled at US$95.63 on September 2, the highest since late July.
Did oil prices reach US$100?
No. Brent hit an intraday high of US$99.38 on September 3, but settlement prices stayed in the US$95-97 range. So oil did not close above US$100.
What did Iran strike in Kuwait?
Iran claimed to hit satellite communications, warehouses, and hangars at Ahmed Al Jaber Air Base. It also targeted other US facilities in Kuwait and the UAE.
How does this affect oil exporters like Venezuela?
Higher oil prices directly boost export earnings for countries like Venezuela, Ecuador, and Argentina. Since oil is priced in US dollars, a higher price means more revenue.
Connected Coverage
Sources: Adalytica; CryptoBriefing; Middle East Eye; TASS; Tasnim News Agency; Reuters; The Straits Times/AFP; Ahram Online (AFP); Migflug Afterburner blog.
This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error
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