Oil nears $100 as Middle East war fuels fears of prolonged supply disruptions
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Oil nears $100 a barrel as Middle East war escalates. (Photo: REUTERS/Brendan McDermid)
Oil prices continued to rise on Sept. 9 as the war in the
Middle East intensified, fueling concerns about prolonged supply disruptions, Reuters
reported.
Brent crude futures rose 1.4% to $99.33 a barrel by 2:12
a.m. GMT. U.S. West Texas Intermediate crude climbed 1.4% from the previous
session to $94.34 a barrel.
Brent prices have risen about 25% since the beginning of
August as hopes for a definitive end to the six-month war have faded and
fighting has flared again. Prices are now rapidly approaching the key
$100-a-barrel mark.
Fighting in the Middle East escalated on Sept. 8, when
Iran-backed Houthis in Yemen struck several Saudi Arabian cities, drawing the
U.S. ally deeper into the conflict.
“Recent developments only reinforce the view that we are
still far from a restart of peace talks. In the meantime, the market will
continue to price in a significant risk premium,” ING analysts wrote in a note.
Analysts said that although Saudi Arabia has rerouted some
exports to bypass the Strait of Hormuz, sustained attacks on the kingdom could
complicate crude oil shipments to global markets.
As previously reported, U.S. President Donald Trump said on
July 22, 2026, that every time Iran attacked a vessel in the Strait of Hormuz,
the United States would destroy a bridge or power plant.
On the night of July 23, U.S. forces carried out their 12th
consecutive night of attacks on Iran.
On July 23, 2026, oil prices rose to their highest level in
more than six weeks as tensions escalated in the Red Sea and the United States
again struck Iran.
On July 28, U.S.-Iran talks moved oil prices.
On July 30, oil prices fell despite renewed escalation in
the Middle East.
On Aug. 3, a single statement from Trump moved oil prices.
On Aug. 10, 2026, oil prices rose amid uncertainty over the
reopening of the Strait of Hormuz.
On Aug. 17, 2026, tensions between the United States and
Iran moved oil prices.
Oil prices on Aug. 21 edged lower despite the prospect of a
second consecutive weekly gain, as the U.S.-Iran war, which remained at a
stalemate, continued to disrupt supplies from the Middle East, a key
oil-producing region.
On Aug. 27, oil prices continued to decline on expectations
that talks between Iran and Oman would help reopen the Strait of Hormuz.
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