Mucahithan Avcioglu
08 September 2026•Update: 08 September 2026
Oil prices rose more than 2% on Tuesday, with Brent crude nearing $100 a barrel as escalating tensions between the US and Iran heightened concerns over potential supply disruptions in the Middle East.
The international benchmark climbed above $99 a barrel as of 2020GMT.
Prices gained momentum after the US and Iran exchanged strikes over the weekend, further escalating the conflict and raising fears that oil production and shipments from the region could be disrupted.
Facilities operated by Saudi Aramco were hit in fresh attacks on Monday, while Iran-backed Houthi militants claimed responsibility for targeting the 400,000-barrel-per-day Jazan refinery and other facilities supplying Saudi Arabia’s domestic market.
The US military also struck three Iranian oil tankers on Saturday after Iran launched ballistic missiles at two US Navy warships.
Adding to supply concerns, Iran said on Monday that it would establish a new shipping corridor with Oman in the Strait of Hormuz, a critical waterway for global energy shipments.
Under the arrangement, vessels would be required to coordinate with Tehran before entering a newly designated restricted maritime zone around the strait, potentially complicating tanker traffic through the strategic chokepoint.