Oil Nears $100 on Mideast Supply Fears

Oil prices continued to climb on Tuesday, September 8, 2026, nearing the $100 per barrel mark as escalating tensions between the United States and Iran fueled concerns over global energy supply disruptions. Brent crude traded around $97 to $98 a barrel, while West Texas Intermediate crude remained above $92 a barrel. The latest surge in oil prices follows a weekend of reciprocal military strikes between the two nations. On Saturday, September 5, U.S. forces struck three Iranian oil tankers, including one near Kharg Island, Iran's primary oil export hub. These actions were in response to earlier strikes by Iran's Revolutionary Guards against U.S. warships in the region. In the aftermath, Iranian officials issued warnings on Monday, September 7, that U.S.-linked oil and gas operations and other energy infrastructure throughout the Gulf could become targets if attacks on Iranian assets persist. Mohsen Rezaei, secretary of Iran's Supreme National Security Council, stated that economic warfare would be met with a maritime exclusion zone across the Persian Gulf. The Strait of Hormuz, a critical waterway for international energy shipments, has become a central focus for traders.