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Commodities

Strait of Hormuz Risks Send Oil Prices Soaring

Guavy AI Editorial Team
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Oil
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Crude oil prices surged to six-week highs near $98 on September 8th, 2026, driven by risks associated with the Strait of Hormuz and attacks on Saudi facilities. The market is also concerned about tight product supplies.

The India crude basket has crossed $101 a barrel, adding to the upward pressure on prices. Goldman Sachs warned that the Strait of Hormuz risks could lift oil prices to $110-120 per barrel.

Market experts are closely watching developments in the region as tensions rise between Iran and other countries. The uncertainty surrounding global crude supplies is expected to continue to drive prices higher.

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