Oil extends gains after US and Iran strike ships
Crude oil prices surpassed $100 a barrel on Wednesday for the first time since July. The price spike follows intensified attacks by the United States and Iran on military targets and tankers near the Strait of Hormuz. Goldman Sachs warns that Brent crude could reach $120 if the conflict persists. This escalation threatens the stability of a critical energy corridor and follows the previous destruction of five Iranian tankers and strikes on Saudi infrastructure. Iran has responded to wartime economic pressures by raising gasoline prices for heavy consumers twice since December.
What changed
Oil prices climbed above $100 a barrel on Wednesday and Goldman Sachs projected a potential rise to $120.
Live updates
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Oil prices top $100 as US and Iran intensify tanker attacks
Crude oil prices surpassed $100 a barrel on Wednesday for the first time since July. The price spike follows intensified attacks by the United States and Iran on military targets and tankers near the Strait of Hormuz. Goldman Sachs warns that Brent crude could reach $120 if the conflict persists. This escalation threatens the stability of a critical energy corridor and follows the previous destruction of five Iranian tankers and strikes on Saudi infrastructure. Iran has responded to wartime economic pressures by raising gasoline prices for heavy consumers twice since December.
Why it matters
The Strait of Hormuz is one of the most important energy corridors globally. Military conflict in this region risks severe restrictions on global oil supply. Previous strikes on Saudi infrastructure and Iranian tankers have already pushed benchmarks to six-week highs.
What is confirmed
- Oil prices exceeded $100 a barrel on Wednesday for the first time since July.
- The US and Iran have intensified attacks on tankers and military targets around the Strait of Hormuz.
Still unconfirmed
- Brent crude prices could hit $120.
What to watch next
- Updates on the duration of the conflict regarding the Strait of Hormuz
- Further changes to Iranian domestic gasoline pricing
confidence 90%Sources used for this update (5)
- www.btimesonline.com — Oil Tops $100 as U.S.-Iran Tanker Strikes Escalate, Goldman Warns Brent Could Hit $120
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- www.energylivenews.com — Flagship Energy’s Mike Stafford Energy Markets Update – 9th September
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Oil Crosses $100 Following US And Iranian Attacks
Crude prices have surged past $100 a barrel as maritime attacks by the United States and Iran threaten a weakened global supply chain. Brent touched $99 a barrel following the destruction of five Iranian oil tankers by the United States and subsequent strikes impacting Saudi infrastructure. The military escalation has driven international benchmarks to six-week highs. Meanwhile, regional economic fallout mounts inside Iran, where Tehran has increased gasoline prices for heavy consumers for the second time since December to counter wartime pressures.
Why it matters
Global financial markets are absorbing the shock of direct military engagements between the United States and Iran, which have targeted vital oil infrastructure and shipping vessels in the Middle East. The disruption has triggered severe reactions across international markets, including an 813-point crash in India's Sensex index as crude breached the $100 threshold. These developments compound months of wartime strain on the Iranian economy, forcing the government to implement domestic austerity measures.
What is confirmed
- Brent touched $99 a barrel after tensions among the U.S., its allies and Iran flared up.
- The price of oil surpassed $100 a barrel following attacks on oil facilities and ships in the Middle East.
- Tehran introduced a higher price for its heaviest gasoline users in an economic pinch caused by months of war.
Still unconfirmed
- Iran vowed to strike energy infrastructure across the Middle East in response to further U.S. attacks.
What to watch next
- Further US or Iranian military strikes on regional oil tankers and infrastructure
- Official updates on production and export volumes through the Strait of Hormuz
- Broader international economic fallout and stock market reactions to crude remaining above $100
confidence 90%Sources used for this update (8)
- www.livemint.com — Iran war news LIVE: Tehran increases gas prices for some of its heaviest consumers as economy struggles
- www.aol.com — Oil prices rise to six-week highs on worsening Middle East conflict
- www.nbcnews.com — Oil nears $100 a barrel after new U.S. strike on Iranian tankers and attacks on Saudi infrastructure
- www.usatoday.com — US strikes Iran, destroys 5 oil tankers amid escalating war
- www.thehindubusinessline.com — Sensex today | Stock Market Highlights: Sensex crashes 813 pts, Nifty closes at 23,431 as crude crosses $100
- jen.jiji.com — KazTransOil increases oil transportation by 4% in first eight months of 2026
- apnews.com — Oil rises past $100 a barrel after the latest wave of Middle East attacks
- jen.jiji.com — Kazakhstan to launch Indian tractor production worth USD 120 mln
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Oil Prices Near Six-Week Highs After US-Iran Ship Strikes
Oil prices are extending gains and approaching six-week highs following attacks on ships by the United States and Iran. Markets are reacting to an escalation in conflict and fears of supply disruptions. Hedge funds have increased bullish bets to a level not seen since May, while oil is on track for its steepest weekly gain since mid-July. Traders are monitoring the situation as the conflict flares and OPEC maintains steady output levels.
Why it matters
The Strait of Hormuz is a critical waterway for global energy shipments. Conflict in this region threatens the stability of oil supplies to international markets.
What is confirmed
- Oil prices are extending gains following strikes on ships by the US and Iran.
- Oil is set for its steepest weekly gain since mid-July.
- Hedge funds have raised bullish oil bets to a May high.
- The escalation in the US-Iran conflict has stoked fears of supply disruptions.
Still unconfirmed
- A Saudi Aramco refinery was hit.
- OPEC is keeping output steady.
- Iran is close to a deal with Oman to manage shipping through the Strait of Hormuz.
What to watch next
- Details of the proposed Iranian deal with Oman regarding the Strait of Hormuz
- Further OPEC output decisions
- Confirmation of damage to the Saudi Aramco refinery
confidence 90%Sources used for this update (8)
- CNBC — Oil set for steepest weekly gain since mid-July over intensifying U.S.-Iran tensions
- Bloomberg.com — Hedge Funds Hike Bullish Oil Bets to May High as Iran War Flares
- Reuters — Oil extends gains after US and Iran strike ships
- The New York Times — Oil Prices Rise Slightly After U.S. and Iran Trade Strikes
- wsj.com — Oil Rises Amid Escalation in U.S.-Iran Conflict
- WSJ — Oil Rises as Escalating U.S.-Iran Conflict Stokes Supply Disruption Fears
- www.globalbankingandfinance.com — Oil prices hold near six-week highs on US-Iran attacks
- finance.yahoo.com — Oil Extends Gain as Iran Says Hormuz Deal With Oman Is Close