Oil prices rise above $100 a barrel for first time since July as Iran war escalates
Goldman Sachs warned Brent could reach $120 if attacks on vessels and shipping routes keep disrupting Gulf oil flows.
- On Wednesday, September 9, 2026, benchmark Brent crude futures breached $100 a barrel for the first time since July, as escalating Middle East hostilities intensified concerns over global oil supply disruptions.
- U.S. Central Command forces destroyed five Iranian tankers on Tuesday, prompting Iranian forces to launch retaliatory attacks on regional shipping and establish a 'prohibited zone' in the Gulf of Oman.
- American diesel prices reached a record $5.94 per gallon while gasoline averaged $4.22, according to the American Automobile Association, as Strait of Hormuz shipping volumes remain significantly below pre-war levels.
- Higher energy costs deepened inflation fears, pressuring the Federal Reserve to potentially raise interest rates at next week's meeting, contributing to a broad decline in U.S. stock markets Wednesday.
- Analysts at Goldman Sachs and Bank of America warn crude could reach $120 a barrel if shipping attacks intensify, while China's recovering crude imports complicate the outlook for global growth.
681 Articles
681 Articles
A new wave of tensions between the US and Iran has shaken global markets. Crude oil prices are rising again, and old fears are returning to markets and stores.
Crude oil tops $100 a barrel, increasing prices at the pump
An escalation of fighting around the Strait of Hormuz pushes the benchmark price of crude oil back above $100 per barrel. That's leading to higher prices at the gas pump, just ahead of a high-profile inflation report.
The price of Brent oil has exceeded Wednesday 100 dollars per barrel, on the basis of the resumption of the fights between the US and Iran and the attacks on oil tankers, which have intensified the fears related to the supply of oil from the Middle East. The flows of oil from Hormuz have dropped below 2 million barrels per day, compared to about 8-9 million ...
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