Oil Prices Climb on US-Iran Strikes, Supply Fears

Oil prices continued to climb on Monday, extending significant gains from the previous week as escalating tensions between the United States and Iran around the Strait of Hormuz heightened concerns over prolonged disruptions to global crude supplies. Brent crude traded near $97 a barrel, while West Texas Intermediate held above $92 a barrel in Asian trading hours on September 7, 2026. The price surge follows a weekend of direct military action. On Saturday, September 5, 2026, U.S. forces struck three Iranian oil tankers, including one near Iran's key oil export hub at Kharg Island. In response, Iran's Islamic Revolutionary Guard Corps navy stated it had targeted three oil tankers traveling through unauthorized routes in the Strait of Hormuz, as well as three additional U.S. vessels in other areas. U.S. officials also reported that Iran had launched ballistic missiles toward two U.S. Navy warships over the weekend. These exchanges have intensified fears of a sustained impact on oil flows through the Strait of Hormuz, a critical waterway that normally handles approximately one-fifth of the world's oil supply.