Oil prices update
Archived — this story has rotated out of today’s deck. It is kept here in full.
The gist
Oil rose on Tuesday as Iran threatened retaliation over U.S. attacks, with Brent at $97.34 a.
The standoff keeps the Strait of Hormuz risk premium alive for drivers and markets.
Background
Prices shot up after the U.S. and Israel attacked Iran in February 2026 and have not settled since, with crude traffic through the Strait of Hormuz plunging and Iran refusing to reopen the waterway. Tit-for-tat strikes occurred over the weekend, and Iran warned Monday that Gulf energy infrastructure, including U.S. oil and gas interests, was vulnerable. Traders are building a risk premium into prices over possible supply disruption.
How it unfolded
- Feb 2026The U.S. and Israel attacked Iran; oil prices shot up and have not settled down since.
- Sep 5, 2026 -6, 2026Tit-for-tat strikes occurred over the weekend with no sign of progress toward a diplomatic breakthrough.
- Sep 7, 2026Iran warned that energy infrastructure across the Gulf, including U.S. oil and gas interests, was vulnerable; Brent added 67 cents to $96.95, and the new head of Iran's Supreme National Security Council said Tehran plans to announce an 'exclusion zone' outside the Strait of Hormuz.
- Sep 8, 2026Oil extended gains; Brent climbed 34 cents, or 0.35%, to $97.34 a barrel by 0000 GMT, and U.S. West Texas Intermediate was at $92.63, up $1.15 or 1.26%.
Who’s saying what
- Analysts
- Goldman Sachs raised its Brent and WTI forecasts by $5 to $85 and $80 for December 2026 and to $80 and $75 for 2027, assuming Middle East shipping disruptions continue into 2027.
- Official
- Iran's new Supreme National Security Council head said Tehran plans to announce an 'exclusion zone' outside the Strait of Hormuz aimed at vessels it believes are trying to transit the waterway.
- Market
- Traders continued to build a risk premium into prices amid heightened tensions around the Strait of Hormuz, a key artery for global crude shipments.
Still unverified
One report says oil surged above $100 a barrel as the U.S. and Iran launched new attacks and gasoline prices jumped; this figure is not confirmed by the other retrieved material, which puts Brent at $97.34.