Posted on 09/09/2026 7:12:45 AM PDT by Miami Rebel
Crude oil prices jumped 3% on Wednesday as fighting between the U.S. and Iran escalates in the Persian Gulf, raising investors fears that energy exports through the Strait of Hormuz will fall.
Brent futures were up 3% at $100.86 a barrel by 8:29 a.m. ET. It is the first time the international benchmark has crossed the $100 threshold since July. U.S. West Texas Intermediate futures traded 3% higher to $95.84.
The U.S. military destroyed five Iranian crude oil tankers Tuesday in retaliation for attempted attacks on an American warship. The U.S. warship successfully evaded Iranian attack and no American personnel were harmed, U.S. Central Command said.
The escalation in the U.S.-Iran conflict, now in its seventh month, is raising the risk of oil prices surging above $120 a barrel as attacks on shipping intensify, said Daan Struyven, co-head of global commodities research at Goldman Sachs, in an interview with CNBC’s “Squawk Box Asia.”
Goldman’s base case remains for Persian Gulf exports to gradually recover as producers adapt to disruptions, including through alternative shipping routes and eventually additional pipeline capacity.
But the recent escalation has increased the chances of a more bullish scenario in which exports fail to recover in the coming months due to attacks on tankers, Struyven said.
The U.S. and Iran largely refrained from fighting for about a month after an outburst of violence in July. Washington has pivoted to applying economic pressure on Tehran. But fighting has erupted again as Iran continues to attack commercial traffic in anda round Hormuz.
The market place just wants change. Commodities are a betting place. All speculation, not business. Oil is priced by contracts.
Let’s go to $110.00 or even $125.00. The Permian Basin is ready! Texas is ready!
Every time Americans drop a bomb, the war escalates, according to the mindless news writers.
This is the most escalatory war in world history. Maybe it is occuring now in outer space.
Diesel drivers across the fruited plain are contemplating EV’s.
Another deflection piece, to take the eyes off the United States 30+ Trillion dollars slothing of debt owed around the Globe.🛑
Earlier this year when the price was higher, diesel was in the mid to high $5+/per gallon, today I paid $6.94 per gallon. So what gives?
They say that 18 million barrels of oil is getting shipped through the Strait which had pre-war average of 20 million bbls.
This is nothing more than price gouging at this point.
exactly- one side is fighting the other side is not fighting back- because they can’t...
exactly- one side is fighting the other side is not fighting back- because they can’t...
The actual per barrel price is 149. It’ll most likely hit 150 or above soon.
The prices everybody quotes are futures.
Search “oil fund price” to get the actual.
“Commodities are a betting place. All speculation, not business. Oil is priced by contracts.”
and oil stock prices in turn are ridiculously whipsawed by these mostly meaningless changes in oil prices futures ...
i’ve been closely watching this oscillation of oil stocks during this whole time, and they zoom up on the least little little mideast news, e.g., U.S. bombed some empty IRGC oil tankers, and then after a while they zoom back down ... i’m on the verge of selling mine right now as they’ve reached an all time high, and there’s no way they won’t come back down when i can buy them back cheaper [they’re in IRAs so no tax consequences of doing this] ...
“This is nothing more than price gouging at this point.”
totally ... when brent crude was at 88 for a while recently, gasoline pump prices didn’t drop one whit ...
“The actual per barrel price is 149”
not even close, that that’s the propaganda price, the actual spot price for brent crude is about $100/barrel this moment:
Key physical/spot price metrics include:
Current Spot Price: ~$101.13 per barrel (as of September 9, 2026)
Recent Monthly Average (August 2026): $95.29 per barrel2026
Year-to-Date Average: $90.32 per barrel [1]
(https://www.macrotrends.net/2480/brent-crude-oil-prices-10-year-daily-chart), [2]
(https://tradingeconomics.com/commodity/brent-crude-oil), [3] (https://www.macrotrends.net/2483/brent-crude-oil-price-history)
Look, it’s not price gouging it’s a global commodity. It just means someone, somewhere needs it more and bid $100 to get it.
Like saying a stock market is price gouging.
I donno, maybe some unscrupulous buyers put in bids to drive it up but that’s a money losing move so ...the market will straighten ambitions out.
The US doesn’t buy Brent. That’s the EuroWeenie market. We buy WTI.
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