Middle East Tensions Send Oil Prices Soaring
Oil prices rose further on September 8 as tensions in the Middle East escalated. Brent crude futures climbed 34 cents, or 0.35%, to $97.34 a barrel by 0000 GMT.
US West Texas Intermediate crude was at $92.63 a barrel, up $1.15, or 1.26%.
The price increase is attributed to the heightened risks of a prolonged conflict in the region after Iran threatened to retaliate against any new US attacks on its assets.
This warning follows tit-for-tat strikes over the weekend and comes as traders continue to build a risk premium into prices amid increased tensions around the Strait of Hormuz, a key artery for global crude shipments.
Goldman Sachs raised its Brent and WTI price forecasts by $5 to $85 and $80, respectively, for December 2026 and to $80 and $75, respectively, for 2027, reflecting its assumption that Middle East shipping disruptions continue into 2027.