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Commodities

Iran Tensions Send Oil Prices Soaring Above $98 Per Barrel

Guavy AI Editorial Team
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Oil
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Crude oil prices continued their upward trend on September 8 as tensions between Iran and the US escalated. The risk of conflict in the Middle East led to concerns about potential supply disruptions, causing Brent crude prices to surpass $98 per barrel.

Suvro Sarkar, Head of Energy Research at DBS Bank, warned that the recent military escalation could change market assessments of risks extending into 2026 and 2027. In response, Goldman Sachs raised its forecast for Brent crude prices by $5 to $85 for December 2026 and $80 for 2027.

The US crude oil inventory report is scheduled to be released on September 9, after being delayed due to the Labor Day holiday on September 7.

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