Oil extends gains above $101 amid Middle East escalation

September 10, 2026 (MLN): Oil prices extended gains on Thursday as intensifying tensions in the Middle East heightened concerns over further disruptions to global crude supplies.

Currently, Brent crude futures is up, 1.76%, at $101.06 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $1.95, or 2.07%, to $96.13 per barrel by [09:37 am] PST.

The latest escalation came after the U.S. military destroyed five Iranian crude oil tankers on Tuesday, following attempted attacks on an American warship. U.S. Central Command said the vessel evaded the Iranian attack and no U.S. personnel were injured.

The worsening U.S.-Iran conflict, which has now entered its seventh month, has increased the possibility of crude prices climbing above $120 per barrel if attacks on shipping continue to intensify, according to Daan Struyven, co-head of global commodities research at Goldman Sachs.

Meanwhile, senior White House advisers have privately discussed with U.S. President Donald Trump the possibility that the conflict with Iran could continue through the remainder of his term, the Wall Street Journal reported, according to CNBC.

Market participants are also watching for a further reduction in oil transit volumes, a broader regional escalation, or threats to energy infrastructure, which could tighten physical crude supplies and provide additional support to prices, said Andrei Constantin, commercial director and trading adviser at TFP Software FZCO.

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