Oil prices climb for fourth straight session as Gulf tensions escalate

11:30

By: Azzat Manal

Oil prices climb for fourth straight session as Gulf tensions escalate

Oil prices extended their gains for a fourth consecutive session on Wednesday as escalating geopolitical tensions in the Gulf raised concerns about further disruptions to regional energy supplies.

At around 09:42 Moscow time, October futures for US West Texas Intermediate crude were up 1.37% at $94.30 a barrel. November Brent crude futures gained 1.55% to reach $99.44 a barrel.

Brent prices have risen by roughly 25% since early August 2026, as hopes for a lasting resolution to the six-month-old conflict have faded and renewed fighting has increased fears of further disruption to oil production and transportation.

Iran’s Islamic Revolutionary Guard Corps said it had launched ballistic missile attacks against two US destroyers and what it described as a US military base in Al-Azraq, Jordan. Tehran said the strikes were carried out in response to US attacks on Iranian oil tankers.

Jordan’s state news agency, citing the armed forces, reported that air-defense systems had engaged 20 ballistic missiles. Eighteen were intercepted and destroyed, while two fell in uninhabited areas. No casualties were reported.

The escalation has also triggered stronger warnings from Washington. US Secretary of State Marco Rubio said the United States would continue targeting Iranian oil tankers in response to attacks or attempted attacks against American naval vessels.

“Iran continues its attempts to strike US Navy ships, and every time it does so or tries to do so, it will lose oil tankers,” Rubio said.

US Central Command said on Tuesday that American forces had destroyed five Iranian crude oil tankers on September 8, following alleged attempts during the previous two days to attack a US Navy warship with ballistic missiles.

The latest military developments have added to uncertainty in global oil markets. The Gulf is a critical hub for crude production and maritime exports, while the Strait of Hormuz remains one of the world’s most important energy transit routes. Prolonged instability in the region could therefore place additional upward pressure on crude prices and increase risks for international energy markets.