Summary
- Iran's warning of further attacks on the U.S. and concerns over energy supply disruptions through the Strait of Hormuz pushed oil prices higher again.
- West Texas Intermediate (WTI) rose above $97 a barrel, while Brent crude traded above $101 and closed above the $100 mark, the report said.
- President Donald Trump said the war would end only after the November midterm elections, making a meaningful drop in gasoline prices unlikely before then.
Forecast Trend Report by Period
Oil prices climbed again after Iran warned it would intensify its offensive if U.S. attacks continue, stoking fears of disruptions to energy supplies moving through the Strait of Hormuz.
Bloomberg reported on September 9 that West Texas Intermediate rose above $97 a barrel. It jumped 3.3% a day earlier, its biggest gain in a week. Brent crude also traded above $101 a barrel, closing above the $100 mark for the first time since July.
A senior Iranian official said Tehran would not retreat in the face of a U.S. maritime blockade and would expand retaliatory strikes if Washington continues attacking Iranian territory. Iran also said it is prepared for a more intense war.
Fighting in the Middle East has escalated again over the past week, bringing an end to a period of relative calm. Renewed concerns over supply disruptions are adding upward pressure to crude prices.
President Donald Trump also ruled out any near-term easing in tensions. He said the war would end only after the November midterm elections and that gasoline prices were unlikely to fall meaningfully before then.
The market is watching oil flows through the Strait of Hormuz especially closely. Before the war, about 20% of the world's crude oil and liquefied natural gas shipments passed through the waterway.
Some crude from the Persian Gulf is still being exported through the Strait of Hormuz, but vessels remain exposed to the risk of continued attacks. Some tankers are also reported to be sailing with their Automatic Identification System, or AIS, turned off.
