Overview
On 10 September 2026, Reuters reported that oil markets remained upbeat as Brent crude futures stayed above the $100 per‑barrel threshold amid escalating U.S.–Iran hostilities.
Price Movements
At 22:06 ET (02:06 GMT), Brent crude was flat at $101.22 a barrel, while West Texas Intermediate (WTI) futures increased 0.3% to $96.33 a barrel.
Conflict Developments
The price rally followed a wave of military actions in the Middle East. Iran announced it had struck 10 ships in and around the Strait of Hormuz on Wednesday, and the United States responded by sinking five Iranian oil tankers. Despite these incidents, oil flows through the Strait of Hormuz continued at only a fraction of pre‑war levels, sustaining market anxiety over ongoing supply disruptions.
In addition, Yemen’s Iran‑backed Houthi group attacked Saudi Arabian energy infrastructure during the same week, widening concerns beyond Hormuz to broader Gulf supply routes.
Market Commentary
Analysts at ANZ noted that the “tit‑for‑tat attacks suggest oil flows from the Persian Gulf are likely to remain disrupted for the foreseeable future,” and warned that the expanding scope of the conflict could further dent global oil supplies.
Political Statements
U.S. President Donald Trump told reporters that the Iran war would conclude after the November mid‑term elections. However, a Wall Street Journal report cited senior advisers warning that the conflict could persist throughout the remainder of Trump’s term, with no clear signs of de‑escalation.
The article underscores that oil prices are being driven by heightened geopolitical risk rather than fundamental demand‑supply balances, keeping Brent anchored above the $100 mark.