Oil Prices Today, September 8, 2026: Brent Nears $98 as Iran Threatens U.S. Energy Assets

Oil prices climbed again on Tuesday, September 8, as a new escalation between the United States and Iran increased fears that Gulf oil supplies could face more disruption. Brent crude moved close to $98 a barrel after Tehran warned that energy assets linked to the United States across the Gulf were vulnerable if Washington carried out further attacks.

The move puts oil back near an important psychological level after months of extreme price swings caused by the Middle East conflict, attacks on shipping and restricted flows through the Strait of Hormuz.

Early Tuesday market levels showed:

• Brent crude futures: $97.49 a barrel, up $0.49, or 0.5%
• West Texas Intermediate crude: $92.92 a barrel, up $1.44, or 1.6%
• Brent remained below the $100 level but near a six-week high

The prices were reported at about 0400 GMT. WTI’s larger percentage gain partly reflected catch-up trading after the U.S. Labor Day holiday, according to Reuters reporting.

The latest jump follows another sharp change in the oil market. In our September 5 update, the focus had already shifted toward tanker attacks and the risk of another squeeze on Gulf exports. That pressure has now widened as both sides trade new military and economic threats.

Iran’s parliament speaker Mohammad Baqer Qalibaf warned that oil and gas infrastructure across the Gulf was exposed and said U.S.-linked energy interests could be hit in response to attacks on Iranian assets. The warning came after U.S. forces struck three Iranian oil tankers over the weekend, including one close to Kharg Island, Iran’s main crude export hub.

The Strait of Hormuz remains the biggest concern for oil traders. Iran has tightened restrictions on shipping through the waterway since the conflict began in February. Reuters reported that an average of only about 10 commodity vessels a day crossed the strait during the latest 10-day period, the lowest level since May.

Oil flows are also well below normal:

• Middle East crude shipments: about 11 million barrels per day
• Pre-war Middle East shipments: about 18 million barrels per day
• Recent Hormuz moving average: roughly 4 million to 5 million barrels per day
• Estimated flows after the latest escalation: below 2 million barrels per day at times

Despite that disruption, Brent has not yet broken decisively above $100. Gulf producers are using alternative export routes, while the United States, Canada and Guyana are expected to increase combined production by about 1.4 million barrels per day this year. Weakness in some areas of global oil demand has also reduced the pressure on prices.

That helps explain why Brent is trading near $97 instead of returning to the much higher levels seen earlier in the conflict.

The market had already been closely watching Hormuz risk in our September 4 report, while our September 3 update tracked how the conflict was feeding through to both crude and U.S. fuel prices.

The physical oil market remains tighter than headline Brent prices suggest. Reuters reported that Oman futures were at $104.54 a barrel on Monday while cash Dubai crude traded at $105.10, showing that some buyers are already paying well above the global Brent benchmark for physical barrels.

The U.S. Energy Information Administration has also warned that global inventories have been falling because of Middle East disruptions. Its August energy outlook estimated that global petroleum inventories could decline by an average of 3.8 million barrels per day during the third quarter of 2026.

For consumers and investors, the next question is whether Brent breaks above $100 again. That will depend heavily on whether attacks expand, whether shipping through Hormuz falls further and whether Gulf producers can keep moving oil through alternative routes.

For now, the market is pricing in a higher risk premium. Brent near $98 shows traders are worried, but it also shows they are not yet assuming a full shutdown of Gulf oil exports. Any confirmed attack on major energy infrastructure or another large decline in Hormuz traffic could quickly change that calculation.