US-Iran hostilities have dragged on into a seventh month and resumed with the strongest US strikes since July. As of 4 Sep 2026, WTI was about $91.48/bbl and Brent about $96.28/bbl, both up. ANZ says Brent could reach $95 short term if the Middle East risk premium persists (note Brent is already above that level in the article). Hormuz transits were 15 vessels on 3 Sep, below the prior 10-day average. Analysts say the strikes have not yet materially hit Middle East crude supply. For SMEs, expect pressure on diesel and fuel costs, transport and delivery surcharges; review fuel budgets and pricing for the coming weeks.