Oil holds near 6-week high, rises around $98

September 08, 2026 (MLN): Oil prices climbed for a third consecutive session on Tuesday, remaining near six-week highs as escalating tensions between the U.S. and Iran raised concerns over prolonged disruptions in the Middle East.

Currently, Brent crude futures is up, 0.20%, at $97.58 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is up by $1.63, or 1.49%, to $92.97 per barrel by [09:40 am] PST.

The latest escalation followed U.S. military strikes on three Iranian oil tankers on Saturday, after Iran fired ballistic missiles at two U.S. Navy warships. Iran’s Foreign Ministry condemned the attacks on commercial vessels as a “war crime” and an act of “economic warfare.”

The weekend exchange of strikes also contributed to a rise in gas prices, which reached record highs.

Tensions between Washington and Tehran remained elevated on Monday. Iranian Parliament Speaker Mohammad Bagher Ghalibaf warned that Iranian assets would be targeted in response to attacks, following U.S. Defense Secretary Pete Hegseth’s statement that the U.S. would destroy and sink Iranian oil tankers if Iran attacked U.S. vessels, according to CNBC.

Goldman Sachs expects disruptions to Middle East shipping to persist into 2027, with oil production gradually recovering during the second half of the year.

The bank said markets are increasingly pricing in a prolonged Middle East conflict, with crude tanker rates from the Persian Gulf to China indicating shipping disruptions could continue into the second quarter of 2027.

U.S. President Donald Trump, in a post on Monday, said oil prices would “drop precipitously” when the U.S. wins the war with Iran.

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