Oil Prices Extend Gains, Brent Stays Above $100 a Barrel on Mideast Worries
Renewed strikes and tanker attacks pushed Brent to $101.21, while U.S. diesel prices hit a record $5.94 a gallon, AAA said.
- 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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The upturn is part of a new escalation of attacks between the two countries, which has deteriorated the political and economic situation, hindering any possibility of stabilization in international markets.
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Oil Holds Above $100 as Middle East Shipping Disruptions Intensify
Oil prices are headed for a weekly close above $100 a barrel for the first time since May as attacks on Middle East shipping routes fuel concerns over extended supply disruptions. U.S. diesel prices have also surpassed $6 a gallon for the first time.
The increasing number of attacks along key maritime routes in the Middle East increases fears of long-term supply disruptions.
The oil price is still above 100 dollars a barrel. After closing the Strait of Hormuz, Saudi Arabia diverted its oil exports to the Red Sea. Now that this route also seems to be coming under pressure, the oil price seems to be rising even more. “It's a perfect storm,” says Michel Don Michaloliákos, geopolitical analyst at the Hague Institute for Geopolitics Now.
As military tensions between the U.S. and Iran escalate again, international oil prices are once again showing an upward trend. Consequently, with concerns over "reverse lagging" (the phenomenon where raw materials purchased at high prices must be sold at low prices once oil prices stabilize) easing and strong refining margins persisting, forecasts are emerging that oil refiners will continue their trend of improved performance in the second hal…
Brent crude surpassed $107 per barrel as armed conflict between the U.S. and Iran intensified and fighting deepened between Houthi rebels and Saudi Arabia-backed Yemeni government forces. West Texas Intermediate (WTI) also closed at $102. On the 11th (local time), at the London International Financial Futures Exchange, the international oil benchmark
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