Oil prices edge towards $100 amid U.S.-Iran tensions

September 09, 2026 (MLN): Oil prices climbed Wednesday toward $100 a barrel as renewed U.S.-Iran military confrontation heightened fears of further disruptions to crude supplies from the Middle East.

Currently, Brent crude futures is up, 0.34%, at $99.08 per barrel, according to data by Mettis Global.

West Texas Intermediate (WTI) crude futures is down by $0.07, or 0.07%, to $94.00 per barrel by [09:48 am] PST.

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

The intensifying conflict has raised concerns that continued attacks on energy-related shipping could trigger a sharp rise in oil prices.

Goldman Sachs’ co-head of global commodities research Daan Struyven said crude could potentially climb above $120 a barrel if disruptions to Persian Gulf exports persist.

Daan Struyven said Goldman Sachs’ base case remains that regional oil exports will gradually recover as producers adjust to supply disruptions through alternative shipping routes and additional pipeline capacity, as reported by CNBC.

However, he noted that the probability of a more bullish scenario has increased following the recent expansion of attacks on shipping.

Under this scenario, Persian Gulf exports could remain constrained for several months, putting significant upward pressure on crude prices.

The latest military exchanges mark a renewed escalation in the U.S. Iran conflict after military action had remained largely paused for about a month, with Washington instead focusing on economic pressure against Tehran before strikes resumed toward the end of last month.

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