Oil Prices Soar as Middle East Tensions Escalate
Oil prices continued their upward trend on September 8, driven by concerns over supply disruptions in the Middle East. The recent military escalation between Iran and the US has raised fears of conflict, which could have far-reaching implications for global oil markets.
According to Suvro Sarkar, Head of Energy Research at DBS Bank, the current situation could alter market assessments of risks extending into 2026 and 2027. This sentiment was echoed by Goldman Sachs, which raised its forecast for Brent crude prices to $85 per barrel for December 2026 and $80 for 2027.
The US crude oil inventory report, typically released on the first Wednesday of the month, has been delayed due to the Labor Day holiday. The report is expected to provide further insight into market dynamics.