Oil Prices Extend Gains, Brent Stays Above $100 a Barrel on Mideast Worries
Analysts warned Brent could climb to $120 a barrel if attacks keep choking traffic through Hormuz, while U.S. gasoline prices already hit $4.22.
- 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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34 Articles
For the first time since the end of May, the price of Brent crude oil exceeded $102 per barrel
According to exchange trading results, November Brent crude futures exceeded $102 per barrel for the first time since late May. Meanwhile, Russian Urals crude futures for October delivery traded at over $97 per barrel.Thus, the conflict in the...
World Economy Braces for Impact as Brent Crude Oil Crosses Over $100 a Barrel Again
After a quiet August in the US–Iran war with no major strikes by either side and improving commercial traffic in the Strait of Hormuz, the world was preparing for a relatively calm period in the region. Futures contracts for a barrel of American-produced WTI crude oil fell to $82 in late August, while British-produced Brent crude traded as low as $88 in the same period. The consensus was that it was not in President Trump’s interest to escalate …
At 11:00 a.m. in Lisbon, Brent, Europe's benchmark oil, reached $102.36 per barrel in the London futures market, after rising 1.14%. This is the highest value of Brent's barrel since May of this year.
According to the results of the exchange, the Brent oil futures of November, for the first time since the end of May this year, exceeded the $102 per barrel mark. At the same time, the Urals oil futures, with delivery in October, was traded at over $97 per barrel.
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