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Oil extends sharp weekly gains after U.S.-Iran tanker attacks in Hormuz

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Oil prices rose on Monday, extending sharp weekly gains, as U.S. and Iranian attacks on vessels in and around the Strait of Hormuz heightened fears of prolonged disruptions to crude supplies through the key waterway.

As of 21:25 ET (01:25 GMT), Brent Oil Futures expiring in November rose 0.5% to $96.77 per barrel, while West Texas Intermediate (WTI) crude futures also gained 0.5% to $91.94 per barrel.

Brent gained 7.8% last week, while WTI jumped nearly 10%, as shipping through Hormuz declined.

The U.S. military said it struck three Iranian oil tankers on Saturday after Iranian forces targeted U.S. Navy vessels with ballistic missiles.

Iran subsequently said it had attacked a U.S. naval drone and warned that any further U.S. attacks would trigger a stronger response.

Iran’s top security official said Tehran would declare a new restricted maritime zone outside the Strait of Hormuz in the coming days, with vessels entering the area potentially facing sanctions, according to Press TV.

The escalation has raised concerns that commercial shipping and energy flows through Hormuz could face further disruption. About a fifth of global oil consumption normally passes through the strait.

Shipping traffic has fallen to about 10 commodity vessels a day, its lowest level since May, as operators face rising security risks, analytics firm Kpler showed on Monday.

Meanwhile, OPEC+ said after Sunday’s meeting that it will keep oil production steady in October, pausing a six-month run of output increases as the group shifts its focus to determining new production quotas for 2027.

Source: Investing.com

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Sep 07, 2026

Oil extends sharp weekly gains after U.S.-Iran tanker attacks in Hormuz

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