As Oil Prices Rise, BRICS Leaders Have What U.S. Doesn’t: Iran at the Table
Brent crude prices rose above $115 a barrel amid ongoing Middle East conflict and threats from Tehran to target Gulf oil and technology facilities. The war in Iran, initiated by United States and Israel strikes on February 28, 2026, disrupted shipping through the Strait of Hormuz and reduced global supplies. A Greenpeace Germany analysis reports that this oil price shock drove approximately 75 percent of the total inflation increase in the United States this year. Meanwhile, BRICS leaders adopted a declaration challenging global financial governance, unilateral sanctions, and tariffs while maintaining a diplomatic channel to Iran.
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- ✓ Brent crude prices rose above $115 a barrel amid fears that the United States will renew strikes on Iran.
- ✓ The war in Iran was launched by the United States and Israel on February 28, 2026.
- ✓ Iran's strategy of blocking the Strait of Hormuz significantly reduced global supply and reorganized oil flows.
- ✓ Brent crude prices are up more than 60 percent compared with pre-war levels despite a rebound in supply.
What changed
Market tracking shows Brent crude prices climbed above $115 a barrel alongside warnings from Tehran regarding asymmetric warfare and attacks on Gulf facilities.
Live updates
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Oil Prices Surge Past $115 as Iran War and BRICS Alignment Shift Markets
Brent crude prices rose above $115 a barrel amid ongoing Middle East conflict and threats from Tehran to target Gulf oil and technology facilities. The war in Iran, initiated by United States and Israel strikes on February 28, 2026, disrupted shipping through the Strait of Hormuz and reduced global supplies. A Greenpeace Germany analysis reports that this oil price shock drove approximately 75 percent of the total inflation increase in the United States this year. Meanwhile, BRICS leaders adopted a declaration challenging global financial governance, unilateral sanctions, and tariffs while maintaining a diplomatic channel to Iran.
Why it matters
North Sea Brent crude reached its second-highest level of the year in September, driven by geopolitical tensions and Iran blocking the Strait of Hormuz. Despite some recovery in supply, Brent crude prices remain up more than 60 percent compared to pre-war levels. The conflict has triggered a major reorganisation of global oil flows and heightened market anxiety over regional energy infrastructure attacks.
What is confirmed
- Brent crude prices rose above $115 a barrel amid fears that the United States will renew strikes on Iran.
- The war in Iran was launched by the United States and Israel on February 28, 2026.
- Iran's strategy of blocking the Strait of Hormuz significantly reduced global supply and reorganized oil flows.
- Brent crude prices are up more than 60 percent compared with pre-war levels despite a rebound in supply.
Still unconfirmed
- BRICS leaders adopting a declaration challenging global financial governance provides a direct diplomatic channel to Iran that the United States lacks.
What to watch next
- Developments regarding potential new United States strikes against Iran.
- Future BRICS diplomatic engagements with Tehran.
- Further attacks on regional energy infrastructure or Gulf oil and tech facilities.
confidence 90%Sources used for this update (7)
- www.cnbc.com — Oil and Gas - CNBC
- www.theguardian.com — Oil price rises above $115 a barrel amid fears US will renew ...
- finance.yahoo.com — Oil Prices Rise as Houthi Attack Claims and Middle East ...
- www.greenpeace.org — War on Iran oil price shock drove most of 2026 rise in US ...
- finance.yahoo.com — Oil Prices Rise as Iran Says Country Ready for 'Asymmetric ...
- www.aljazeera.com — Oil flows are up as Iran war turmoil eases. Why do prices ...
- www.iris-france.org — War in Iran and Tensions in the Middle East: What Impact Will ...
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BRICS Leaders Challenge US Economic Order Amid Rising Oil Prices
Brent crude prices rose over 5 percent on Thursday as West Texas Intermediate also trended upward. This surge follows tit-for-tat strikes between the United States and Iran, which have made shipping through the Strait of Hormuz dangerous. While the White House considers further strikes against Iran, BRICS leaders adopted a declaration on Saturday challenging the global financial system's governance, unilateral sanctions, and tariffs. This alignment provides BRICS with a direct diplomatic channel to Iran that the United States currently lacks.
Why it matters
The Strait of Hormuz is a critical chokepoint for global energy supplies. Ongoing military escalation between Washington and Tehran threatens to destabilize oil markets and disrupt commercial shipping. BRICS seeks to offer an alternative to the US-led economic order.
What is confirmed
- Brent crude rose over 5 percent on Thursday.
- West Texas Intermediate prices trended upward on Thursday.
- Nearly 20 ships and tankers were attacked over the last month in the Strait of Hormuz.
Still unconfirmed
- The White House is considering further strikes against Iran to address escalation.
- BRICS leaders adopted a declaration challenging unilateral tariffs, sanctions, and the governance structure of the global financial system.
What to watch next
- White House decision on additional strikes against Iran
- Official implementation of the BRICS economic declaration
confidence 80%Sources used for this update (3)
- www.the-world-now.com — Why Is Oil Going Up? Live AI Analysis of WTI & Brent Drivers ...
- southasianherald.com — BRICS Challenges U.S.-Led Economic Order, but Stops Short ...
- jen.jiji.com — Brazil Elections, Sunday the Lula-Bolsonaro runoff: the fiercest challenge that will reshape Latin America (3)
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Oil Prices Climb Amid Strait of Hormuz Shipping Attacks
Brent crude rose over 5 percent on Thursday as West Texas Intermediate also trended upward. Global energy markets face pressure following tit-for-tat strikes between the United States and Iran. Commercial shipping through the Strait of Hormuz remains dangerous, with nearly 20 ships and tankers attacked over the last month. The White House is considering further strikes against Iran to address the escalation.
Why it matters
The Strait of Hormuz serves as a critical chokepoint for global oil transit. Continued instability in this region directly impacts the cost of non-renewable energy sources.
What is confirmed
- Brent crude rose over 5 percent on Thursday.
- Nearly 20 commercial ships and tankers suffered attacks over the past month in the Hormuz chokepoint.
- Oil is a non-renewable energy source.
Still unconfirmed
- The White House is mulling additional strikes against Iran.
What to watch next
- Confirmation of additional U.S. military strikes against Iran
- Changes in the volume of commercial shipping through the Strait of Hormuz
confidence 80%Sources used for this update (3)
- finance.yahoo.com — Yahoo Finance - Stock Market Live, Quotes, Business & Finance News
- bkvenergy.com — Crude Oil & Petroleum Explained: A Complete Guide - BKV Energy
- www.cnn.com — Commodities - Oil, Silver and Gold Prices - CNN Business | CNN
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Oil Prices Rise as White House Considers More Iran Strikes
Crude oil prices climb again as Brent crude rises over 5 percent on Thursday and West Texas Intermediate continues upward momentum. The White House mulls additional strikes against Iran while commercial shipping through the Strait of Hormuz faces persistent danger. Nearly 20 commercial ships and tankers have suffered attacks over the past month in the Hormuz chokepoint. This escalation follows earlier United States and Iran tit-for-tat strikes, putting continuous upward pressure on global energy markets.
Why it matters
Energy markets continue to reprice risk as regional conflict intensifies around key Middle Eastern supply routes. Control over the Strait of Hormuz and ongoing disruptions to rebounding oil exports threaten global supplies and challenge the petrodollar system. Meanwhile, BRICS leaders previously urged maximum restraint during meetings in New Delhi.
What is confirmed
- Brent crude oil prices were up more than 5 percent on Thursday and West Texas Intermediate continues to climb.
- Nearly 20 commercial ships, mostly tankers, have come under attack over the past month while sailing through the Hormuz chokepoint.
Still unconfirmed
- The White House is actively mulling more attacks against Iran.
What to watch next
- Official White House announcements regarding potential military strikes against Iran
- Further price movements in Brent crude and West Texas Intermediate oil benchmarks
- Security developments for commercial shipping traffic in the Strait of Hormuz
confidence 90%Sources used for this update (4)
- www.cnbc.com — Rebounding oil exports through Strait of Hormuz are vulnerable to stepped-up Iranian tanker attacks
- jen.jiji.com — Turkey, 5 dead in Istanbul building collapse, 3 children among victims
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- www.upi.com — Oil prices rise again with as White House mulls more attacks ...
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BRICS Adopts Mideast Declaration as Iran Relations Strain Energy Markets
BRICS leaders adopted a joint declaration in New Delhi urging maximum restraint in the Middle East as the United States and Iran resumed tit-for-tat strikes following a lull during August. Escalating regional conflict and a United States naval blockade drive crude oil and gas prices higher, with energy markets evaluating mixed supply signals. Crude oil previously reached 95.16 USD/Bbl on September 28, marking a 2.97% daily increase, while analysts note $100/bbl crude as markets reprice risk. Meanwhile, Iran exercises control over the Strait of Hormuz and engages in yuan-based oil payments, signaling pressure on the petrodollar system.
Why it matters
Energy markets face renewed volatility as military hostilities between Washington and Tehran disrupt the fossil fuel sector. BRICS inclusion of Iran places a key regional actor at the table while Western nations enforce naval measures. This geopolitical alignment coincides with mounting strain on traditional currency regimes for petroleum trade.
What is confirmed
- BRICS leaders adopted a joint declaration urging maximum restraint in the Middle East on the first day of their annual summit in New Delhi.
- Crude oil rose to 95.16 USD/Bbl on September 28, 2026, marking a 2.97% increase from the previous trading day.
- The United States and Iran resumed tit-for-tat strikes against each other after a pause in fighting for much of August.
Still unconfirmed
- Iran's control over the Strait of Hormuz and yuan-based oil payments signal pressure on the petrodollar system.
- Commodities markets are repricing risk in real time with $100/bbl crude.
- Escalating conflict in the Middle East is pushing crude oil higher, with pump prices responding sharply across the United States alongside a US naval blockade.
What to watch next
- Further developments in the United States and Iran military strikes
- Additional shifts in crude oil pricing relative to the 100 USD/Bbl threshold
- Implementation or follow-up from the BRICS joint declaration regarding Middle East restraint
confidence 90%Sources used for this update (6)
- www.thedailystar.net — BRICS adopts joint declaration, urges 'maximum restraint' in ...
- www.brics-info.org — Iran – BRICS Information Sharing & Exchanging Platform
- www.wionews.com — Cracks widen in US petro-dollar regime- How Iran’s Hormuz ...
- economictimes.indiatimes.com — Oil rises slightly as market weighs mixed supply signals
- www.jpmorgan.com — Economic Impact of Iran Conflict on Oil, Gold and More
- whatsthepriceofgas.com — Gas Prices Surge as Iran Tensions and US Naval Blockade ...
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Crude Oil Rises to 95.16 USD/Bbl Following Recent Trading Data
Crude oil rose to 95.16 USD/Bbl on September 28, 2026, marking a 2.97% increase from the previous trading day according to contract for difference data. Over the past month, the commodity climbed 10.96% and stands 49.97% higher compared to the same time last year. Energy markets track petroleum prices, futures, and refined products across global exchanges as traders monitor ongoing developments in the broader energy sector and fossil fuel markets.
Why it matters
Petroleum consists primarily of hydrocarbons formed over millions of years from organic materials such as plankton and algae. Conventional reserves are recovered through drilling after geological analysis, alongside unconventional methods like fracking. Tracking these benchmark prices provides essential visibility into the global energy sector and commodity valuations.
What is confirmed
- Crude oil rose to 95.16 USD/Bbl on September 28, 2026.
- The September 28 price represents a 2.97% increase from the previous day.
- Over the past month, crude oil prices increased by 10.96%.
- Crude oil prices are up 49.97% compared to the same time last year.
- Petroleum is a natural resource appearing as a yellowish-black liquid chemical mixture found in geological formations.
What to watch next
- Future updates to crude oil price charts and benchmark contract valuations
- Subsequent energy sector news releases regarding petroleum and natural gas investments
confidence 100%Sources used for this update (9)
- www.cnbc.com — Crude Oil Prices Today and Oil Market News - CNBC
- oilprice.com — Crude Oil Prices Today | OilPrice.com
- oilprice.com — Oil News Today | OilPrice.com
- tradingeconomics.com — Crude Oil - Price - Chart - Historical Data - News
- www.liveoilprices.com — Live Oil Prices — Real-Time Crude Oil & Energy Market Data
- markets.businessinsider.com — Crude Oil Price Today | WTI OIL PRICE CHART | OIL PRICE PER...
- en.wikipedia.org — Oil - Wikipedia
- en.wikipedia.org — Petroleum - Wikipedia
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Oil Prices Hover Near $100 as Stalled U.S.-Iran Talks Spur Supply Fears
Crude oil trades near $100 a barrel and Brent prices climbed above $106 following the collapse of diplomacy between the United States and Iran at the United Nations General Assembly. Markets face pressure from tight fuel inventories, a potential U.S. diesel export ban, and trader anxiety over the possible resumption of hostilities in the Persian Gulf. President Trump rejected easing sanctions on Tehran during Qatari peace talks, contrasting with BRICS diplomatic channels that include Iran. These frictions drive severe monthly commodity gains and global consumer fuel cost increases.
Why it matters
Energy markets remain vulnerable as nations deplete emergency stockpiles while geopolitical tensions escalate between Washington and Tehran. The diplomatic deadlock at the United Nations prevents a resolution to regional hostilities, keeping traders on edge despite steady physical oil flows from the Persian Gulf. Meanwhile, broader economic pressures compound the supply strain from stalled negotiations.
What is confirmed
- Crude oil costs close to $100 a barrel because traders worry hostilities could restart and the world is burning through emergency stockpiles.
- Brent crude oil prices climbed above 106 dollars a barrel following stalled diplomacy between the United States and Iran.
Still unconfirmed
- Global energy markets are being heavily impacted by a potential U.S. diesel export ban.
What to watch next
- Whether the United States and Iran resume diplomatic talks or further escalate tensions.
- Developments regarding a potential U.S. diesel export ban.
- Movements in global emergency stockpiles and crude oil prices.
confidence 100%Sources used for this update (3)
- www.nytimes.com — Oil Is Flowing From the Persian Gulf, but Prices Remain High. Why?
- jen.jiji.com — America's Cup: Naples looks to 2027, 252 thousand visitors for the preliminary regatta, 7.5 times Barcelona
- www.globalbankingandfinance.com — Oil Prices Rise $1/bbl on US-Iran Talks Stalled, Tight Fuel ...
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Oil Prices Rise Above $106 as U.S.-Iran Diplomacy Stalls
Brent crude oil prices climbed above 106 dollars a barrel on Thursday following stalled diplomacy between the United States and Iran at the United Nations General Assembly. Iranian President Masoud Pezeshkian clashed with American positions during the meetings, while U.S. President Trump denied that he is willing to ease sanctions on Tehran amid Qatari peace talks. The breakdown in talks and uncertainty over a potential U.S. diesel export ban drove oil prices up more than two percent. These energy market pressures compound existing geopolitical frictions and soaring consumer fuel costs globally.
Why it matters
Global energy markets remain acutely sensitive to diplomatic frictions involving major crude producers and transit bottlenecks. Stalled negotiations between Washington and Tehran eliminate near-term hopes for a sanctions relief package that could boost international supply. Meanwhile, domestic fuel prices face severe upward pressure, leaving consumers exposed to high motor and motorway transit costs.
What is confirmed
- Brent crude extended gains on Thursday after Iranian President Masoud Pezeshkian clashed with U.S. positions at the UN General Assembly.
- Oil prices rose more than 2% on Thursday as prospects for a quick diplomatic breakthrough between the United States and Iran faded.
- U.S. President Trump denied easing sanctions on Iran amid Qatari peace talks.
Still unconfirmed
- Uncertainty over a potential U.S. diesel export ban is impacting global energy markets.
What to watch next
- Any formal resumption of nuclear or sanctions negotiations between Washington and Tehran.
- Official announcements regarding potential U.S. diesel export restrictions.
- Further movements in Brent crude pricing relative to the 110 dollars threshold.
confidence 95%Sources used for this update (7)
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- finance.yahoo.com — Oil prices rise above $106 as Iran-U.S. diplomacy stalls at UN
- apacnewsnetwork.com — Oil Prices Rise as US-Iran Diplomacy Faces Uncertainty
- www.globalbankingandfinance.com — Oil Prices Rise 2% as US-Iran Talks Stall, Diesel Ban Looms
- www.cnbc.com — Oil climbs after Trump denies he is willing to ease sanctions on Iran
- www.polyestertime.com — US Iran oil prices - US-Iran Tensions Push Oil Prices Toward ...
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Diesel Prices Hit Record Highs as Brent Nears $110
Diesel prices reached a new historical record at 2.246 euros per thousand liters in Italy as Brent crude oil approached 110 dollars a barrel. The soaring fuel costs compound existing geopolitical frictions and economic pressures tied to global energy markets. Without an excise duty cut set to expire, the national average price would climb to 2.416 euros per liter. Meanwhile, gasoline prices remain below their previous historical high recorded in March 2022. The sharp rise in fuel expenses directly impacts consumers across the national road and motorway networks.
Why it matters
Energy costs remain acutely sensitive to international disruptions and shifting trade flows. High fuel prices place immediate burdens on transportation networks and household budgets across Europe. Governments continue to lean on temporary excise duty adjustments to buffer consumers against severe spikes.
What is confirmed
- Diesel prices hit a new historical record of 2.246 euros per liter.
- Brent crude approaches 110 dollars a barrel.
What to watch next
- Decision on the extension of the fuel excise duty cut.
- Further movements in global Brent crude oil prices.
confidence 100%Sources used for this update (11)
- jen.jiji.com — Artificial intelligence, Italiano (Luiss): "UN alarm must be taken seriously, build rules and controls"
- jen.jiji.com — Fuel prices, new historical record for diesel price: it's at 2.246 euros
- jen.jiji.com — M5S, online vote from Friday to Sunday on proposals for coalition program
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- www.n-tv.de — Ukraine-Krieg im Liveticker+++ 04:19 Selenskyj warnt vor neuem russischem Großangriff +++
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BRICS Leaders Meet in India to Discuss Finance and Middle East Tensions
BRICS leaders are meeting in Delhi, where Prime Minister Modi is hosting Vladimir Putin and Xi Jinping. The bloc adopted a joint declaration calling for maximum restraint in the Middle East. Member nations, including Russia, China, Iran, and Saudi Arabia, are coordinating efforts to bypass sanctions and reduce the global financial dominance of the US dollar. This gathering occurs amid rising oil prices and heightened tensions with the United States, testing the internal cohesion of the expanded bloc.
Why it matters
The inclusion of Iran provides BRICS with diplomatic leverage over oil markets that the US lacks. These meetings signal a strategic shift toward a multipolar financial system. The presence of competing powers like China and India in one venue highlights the bloc's internal volatility.
What is confirmed
- Prime Minister Modi is hosting Vladimir Putin and Xi Jinping in Delhi.
- BRICS leaders met in India to address wars and tensions with the US.
- The BRICS bloc adopted a joint declaration calling for maximum restraint in the Middle East.
Still unconfirmed
- BRICS powers are rallying in India specifically to break the US dollar's hold over global finance and bypass sanctions.
- The shadow of Donald Trump is looming over the BRICS summit.
What to watch next
- Specific policy changes regarding the use of non-dollar currencies for trade
- Further diplomatic statements regarding Middle East conflict resolution
- Outcomes of bilateral meetings between Modi, Putin, and Xi
confidence 80%Sources used for this update (8)
- BBC — Trump shadow looms large over Brics as Modi hosts Putin and Xi in Delhi
- Al Jazeera — BRICS meets in India: What’s on the agenda, why it matters
- The New York Times — As Oil Prices Rise, BRICS Leaders Have What U.S. Doesn’t: Iran at the Table
- Reuters — BRICS adopts joint declaration, urges 'maximum restraint' in Mideast
- NPR — BRICS leaders meet in India as wars and US tensions test the bloc
- Inquirer.net — India’s BRICS strategy tested with Xi, Putin set to visit
- Business Insider Africa — U.S. watches as Russia, China, Iran, Saudi Arabia and Africa’s BRICS powers rally in India to bypass sanctions and break the US dollar’s hold over global finance
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