Oil prices rose on Tuesday, September 8, with Brent reaching USD 97.34 a barrel as Iran threatened retaliation against fresh US attacks, intensifying concerns over Middle East supplies, Reuters reported.
Brent crude futures gained 34 cents, or 0.35%, by 0000 GMT. US West Texas Intermediate climbed USD 1.15, or 1.26%, to USD 92.63 a barrel.
Reuters reported that Brent reached its highest level since July 24 during the previous session. Traders priced in further risks to shipments through the Strait of Hormuz.
Iran warned on September 7 that Gulf energy infrastructure, including US oil and gas interests, remained vulnerable. however, there is no sign of a diplomatic breakthrough following the weekend’s exchanges.
US Central Command said its forces struck three Iranian oil tankers on September 5 after Iran’s Revolutionary Guards targeted two US warships. One tanker was near Kharg Island, Iran’s main oil export hub. CENTCOM statement
Read: Oil Prices Rise as Brent Nears $97 on Hormuz Attacks
ANZ analyst Daniel Hynes said further escalation could constrain Persian Gulf supplies through the remainder of 2026. He expected flows to recover fully only in late March or early in the second quarter of 2027.
Goldman Sachs raised its December 2026 forecasts by USD 5 each, to USD 85 for Brent and USD 80 for WTI. It also increased its 2027 forecasts by USD 5 each, to USD 80 and USD 75, respectively.
Reuters said the bank now expected Middle East shipping disruptions to continue into 2027. Marex analyst Ed Meir also forecast elevated crude prices through year-end if the war continued. Reuters report
