- Money managers increased net-bullish Brent positions by 37,837 to 261,435 in the week ending Sept. 1, the highest level in just over three months.
- The US-Iran conflict is raising concerns about prolonged disruption to energy flows through the Strait of Hormuz.
- Chinese refiners paid record premiums for Russian ESPO crude as regional buyers adjusted to disrupted trade routes.
- Brent’s rise contributed to a broad bond sell-off and renewed inflation concerns on Sept. 1.