WTI Crude Oil Prices Surge as US-Iran Tensions Escalate
WTI crude oil prices have surged to their highest levels in months as tensions between the US and Iran continue to escalate.
The price of WTI crude oil reached around $93.70 per barrel on September 8, 2026, while Brent crude moved close to $98.
The surge has been driven by renewed US-Iran military tensions, attacks involving oil tankers and regional energy infrastructure, and a sharp reduction in shipping activity through the Strait of Hormuz.
According to Goldman Sachs, if attacks on Middle Eastern shipping intensify, crude oil could rise as high as $120 per barrel. The bank has raised its oil price forecasts by $5 per barrel for both December 2026 and 2027, reflecting expectations that Middle Eastern shipping disruptions could continue for longer.
The key question for traders is now: can WTI crude oil reach $100 per barrel? The answer increasingly depends on whether oil flows through the Strait of Hormuz recover or remain constrained into late 2026 and potentially 2027.