September 7, 2026: Uncertainty over global oil supplies is intensifying as the ongoing conflict between the United States and Iran severely disrupts shipping through the Strait of Hormuz, sending international crude prices higher amid growing geopolitical risks.
According to a report by Gulf News on Monday, September 7, the global benchmark Brent crude was trading near $97 a barrel in morning trading.
At around 8:30 a.m., Brent crude had risen 0.43 percent to $96.69 a barrel, while US West Texas Intermediate (WTI) crude gained 0.60 percent to $92.03 a barrel.
Not all energy prices moved in the same direction. Murban crude fell 1.36 percent to $103.30 a barrel, while natural gas prices declined 1.5 percent to $2.929.
The latest gains follow a sharp rise in oil prices last week, marking the biggest weekly increase since July. Brent climbed 7.6 percent to $96.28 a barrel, while WTI rose nearly 10 percent to $91.48.
Market analysts say growing uncertainty over international supplies is adding a risk premium to oil prices. Concerns over a wider conflict in the Middle East and possible disruptions to energy infrastructure and supply routes have become key drivers of market sentiment.
Shipping through Strait of Hormuz severely disrupted
The Strait of Hormuz, one of the world’s most important energy corridors, is also facing significant disruption as tanker traffic through the strategic waterway becomes increasingly uncertain.
Reuters reported that at one point only four vessels were able to pass through the strait. Under the normal 10-day average, around 13 vessels cross the waterway each day.
US officials, however, said as much as 17 million barrels of oil had passed through the Strait of Hormuz in a single day. While this indicates that some supplies are continuing to move, the disruption to normal shipping patterns is keeping markets on edge.
With risks to Middle Eastern oil supplies increasing, Brent crude is currently trading at around $4.66 a barrel above WTI. Market analysts warn that the price gap could widen further if the conflict intensifies or energy infrastructure is damaged.
The Strait of Hormuz carries a significant share of global oil supplies, making any prolonged disruption a major risk for energy markets and economies heavily dependent on Middle Eastern crude.
Sources: Gulf News; Reuters.