Oil Prices Extend Gains, Brent Stays Above $100 a Barrel on Mideast Worries
Renewed attacks on tankers and warships pushed Brent above $100 a barrel as traders warned that supply disruptions could keep prices elevated.
- 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.
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Global oil surges above US$100 a barrel as US and Iran launch new attacks
NEW YORK (AP) – Global oil prices shot past US$100 a barrel on Wednesday as fighting between the United States and Iran escalated, threatening to increase costs for consumers and businesses worldwide. Brent crude, the international standard, climbed into triple digits after attacks on oil facilities and ships in the Middle East that could further debilitate an already weakened supply chain – and continued to hover just above the US$100 threshold…
The price of Brent oil exceeded $100 per barrel in the face of the elongation of the conflict between the United States and Iran.
Oil prices jumped more than six percent on Thursday, pushing both benchmarks, WTI and Brent, above $100 a barrel. The price increase was triggered by a series of attacks on shipping that were the most intense since the start of the Iran war, adding to fears of already tight supplies.
It occurs in a context of escalating conflict in the Middle East, which hinders its distribution
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