Oil Prices Extend Gains, Brent Stays Above $100 a Barrel on Mideast Worries
- On Thursday, September 10, 2026, British-produced Brent crude traded at around $103 per barrel, while American-produced WTI futures hovered near $98 as escalating United States-Iran tensions reignited oil markets.
- Tensions escalated after the United States Navy destroyed five Iranian crude oil tankers on Tuesday in retaliation for attempted attacks on an American warship, abruptly ending August's relative calm.
- Rising gasoline prices have climbed to $4.277 per gallon in the United States, stoking inflation fears and triggering losses across the EURO STOXX and the UK-based FTSE 100.
- The Bank of England warned that rising oil prices could push United Kingdom inflation above four per cent, while Hungary's opposition party proposed reintroducing a gasoline price cap.
- President Donald Trump stated, "I think the war's going to end immediately after the election because they can't hold out any longer," though White House advisers privately suggested the conflict could persist.
57 Articles
57 Articles
The price of US light oil rose above $100 a barrel on Thursday for the first time since May.
Brent crude tops $105 a barrel as tanker attacks intensify in Middle East; Saudi output cut fuels concerns
Crude oil prices surged to their highest since May after Saudi Arabia reported a significant drop in production. Brent crude rose to about $106 a barrel, while WTI jumped to $95.39. The ongoing Middle East conflict is disrupting oil exports and contributing to market volatility.
Oil prices are still flying away on Thursday with the WTI index, a reference US barrel, passing the $100 mark after the Brent on Wednesday, with black gold doped by the expansion of the conflict in the Middle East, which hinders shipping in the Gulf region.
The price of American oil rose by about 5% to over $100 per barrel for the first time in three months.
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