The David Lin Report · Wednesday, September 2, 2026
Oil prices, specifically WTI crude, have climbed above $92 a barrel following new strikes on oil tankers in the Strait of Hormuz and retaliatory US strikes on Iran's Revolutionary Guard. Traders are predicting a significant chance of WTI crude exceeding $115 by year-end due to these escalating geopolitical tensions and potential supply disruptions.
“It's Tuesday, September 1st, and oil is soaring once again on new strikes against Iran. WTI crude is now at $92 a barrel, climbing more than 13% since last week, August 27th, and now up more than 30% since its July lows.”
“Last night on August 31st, two oil tankers, one Saudi and one South Korean, were struck by projectiles in the Straight of Hormuz within minutes of each other.”
“Well, right now traders on Calure are predicting that there's a 32% chance that WTI crude will hit above $115 by the end of the year.”