ع
The Emirates News Agency reported that both major oil benchmarks posted gains in the latest session, reflecting persistent worries over energy flows from the Persian Gulf. Brent crude futures settled at 106.93 dollars per barrel after advancing more than 1 percent while West Texas Intermediate crude also climbed, at one point exceeding 100 dollars. Market observers tied the movement to recent attacks on shipping and infrastructure that have already slashed export volumes from the region.
A Saxo Bank market update indicated that the shutdown of a major Saudi pipeline following attacks has put approximately 4 percent of global supply at potential risk while shipping through the Strait of Hormuz remains heavily constrained. The analysis noted that the prompt month spread for Brent has jumped significantly, highlighting elevated premiums for immediate delivery. With no resolution to the underlying conflict visible, the bank cautioned that further inflationary pressure from higher fuel costs could emerge.[[1]](https://www.rigzone.com/news/brent_oil_passes_108_per_barrel-14-sep-2026-184604-article/)
International Energy Agency figures show global oil supply dropped by 1.6 million barrels per day in August to 100.1 million barrels per day as more than 10 million barrels per day of Gulf output stayed offline amid security threats. The agency now forecasts a 5.7 million barrels per day decline in world oil supply for 2026 with the expected recovery in regional production deferred until 2027. These developments have accelerated inventory draws and reinforced upward momentum in crude prices.[[2]](https://www.iea.org/reports/oil-market-report-september-2026)
Multiple financial institutions including Goldman Sachs have lifted their price outlooks for Brent and WTI in recent days citing the risk of prolonged disruptions to Middle East exports. Goldman Sachs raised its December 2026 forecast by 5 dollars per barrel while noting that Brent could reach 120 dollars in 2027 under certain scenarios if Gulf output remains curtailed. Such revisions illustrate how markets are incorporating a structural geopolitical premium into long-term valuations.[[3]](https://www.usnews.com/news/world/articles/2026-09-09/brent-crude-rises-above-100-a-barrel-as-middle-east-conflict-escalates)
The latest advance continues a rally that has lifted Brent by more than 25 percent since early August according to assessments from Reuters and other agencies tracking the conflict’s impact. The International Energy Agency has further lowered its 2026 oil demand projection to a contraction of 2.5 million barrels per day citing higher fuel costs and reduced economic activity in affected areas. Despite softer consumption prospects tight supply conditions are projected to support elevated price levels through the balance of the year.
