RismadarVoice Reporters
September 11, 2026
Global oil prices have climbed sharply, with Brent crude rising above $109 per barrel as escalating attacks on Gulf shipping increase fears of further disruptions to global energy supplies.
Brent crude futures reached $109.20 per barrel on Thursday, rising from $105.26 earlier in the day, while US West Texas Intermediate crude exceeded $100 per barrel for the first time since May, gaining 6.7 per cent to trade at $102.50.
The increase follows growing tensions in the Gulf region amid the ongoing US-Israel war on Iran, with tanker attacks and restrictions around the Strait of Hormuz threatening one of the world’s most important oil routes.
Oil prices have now risen more than 50 per cent from their early July lows when a ceasefire was in place.
Traffic through the Strait of Hormuz remains limited as Tehran and Washington impose naval restrictions, while Iran-aligned Houthi forces have also increased pressure on Red Sea shipping after taking control of Yemen’s strategic port city of Mocha.
Analysts said the recent price surge reflects growing concerns that the conflict could last longer than previously expected, keeping global oil supplies tight.
“The recent run-up in prices shows the market believes this conflict will continue longer than anticipated,” PVM analyst John Evans said, adding that reduced exports could keep prices elevated.
Iran said it attacked 10 ships near the Strait of Hormuz on Wednesday after the United States targeted five Iranian oil tankers. Iran’s Islamic Revolutionary Guard Corps warned that further attacks would trigger stronger responses.
Analysts said the future direction of oil prices will depend partly on demand from China, the world’s largest crude importer.
China has increased oil purchases in recent weeks after a period of weaker demand, supporting global crude markets. Analysts at ING said continued Chinese buying could push prices higher if supply disruptions persist.
Rising oil prices have also increased inflation concerns in the United States, putting additional pressure on financial markets.
The S&P 500 index fell 0.6 per cent, recording its fourth consecutive decline, while petrol prices in the US rose to an average of $4.28 per gallon, according to the American Automobile Association.
Higher fuel costs are also expected to increase prices for goods transported by road, adding pressure on consumers and businesses.
Following the latest developments, traders increased their expectations of a possible US Federal Reserve interest rate hike at its upcoming meeting, with the probability rising to nearly 70 per cent from 61 per cent a day earlier.
The increase comes despite repeated calls from US President Donald Trump for interest rates to be reduced.
