Wire · Gulf Edu
Numerous merchant ships belonging to Iran and other countries remain at anchor in the Strait of Hormuz in Bandar Abbas, Iran, on Sept. 8, 2026. Oil extended gains on Thursday, amid worries that escalating tensions in the Middle East could further exacerbate supply disruptions. Futures for international benchmark Brent crude for November delivery gained 0.62% to $101.84 a barrel.
U.S. West Texas Intermediate futures for October advanced 1.01% to $96.06 per barrel. Tensions escalated after the U.S. military on Tuesday destroyed five Iranian crude oil tankers in retaliation for attempted attacks on an American warship.
The warship successfully evaded Iranian attack and no American personnel were harmed. The escalation in the U.S.-Iran conflict, now in its seventh month, is raising the risk of oil prices surging above $120 a barrel as attacks on shipping intensify. Meanwhile, U.S.
President Donald Trump's top White House advisers have raised privately with him the prospect that the Iran conflict could drag on through the remainder of his term. The physical market may be tightened further by a decline in transit volumes or broader escalation, extending the upward move in oil prices.
Source: CNBC
