Sep. 10 at 1:05 AM
Oil prices extended gains as escalating U.S.-Iran tensions increased fears of further supply disruptions. Brent crude for November rose 0.62% to
$101.84 a barrel, while WTI gained 1.01% to
$96.06.
The latest escalation came after the U.S. military destroyed five Iranian crude oil tankers following an attempted attack on an American warship. Goldman Sachs warned that intensifying attacks on shipping could push oil prices above
$120 a barrel. The conflict, now in its seventh month, has also raised concerns over disruptions around the Strait of Hormuz, a critical global energy route.
Meanwhile, senior White House advisers have privately discussed with President Donald Trump the possibility that the Iran conflict could continue through the remainder of his term. Analysts said lower transit volumes, broader military escalation or threats to energy infrastructure could further tighten physical oil markets and extend the rally.
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