Baghdad: Oil prices maintained their gains, with Brent crude futures reaching their highest level in nearly three weeks in afternoon trading today, amid uncertainty surrounding shipping through the Strait of Hormuz. By 5:15 PM Baghdad time, West Texas Intermediate (WTI) crude futures for September delivery had risen 0.71% to $85.54 per barrel, while Brent crude futures for October delivery had climbed 0.66% to $91.62 per barrel. Brent crude hit its highest level since July 30, 2026.

According to National Iraqi News Agency, Tim Waters, senior market analyst at KCM, said: “Confidence in the safe passage of the Strait of Hormuz remains low, with shipping traffic still far below normal levels. This uncertainty continues to support the impact of geopolitical risks on oil prices.”