Brent crude prices rise as Iran threatens response to US attacks

Oil prices continued to rise on September 8 as Iran threatened to respond to new US attacks, heightening concerns over possible supply disruptions, Reuters reports.

Brent crude futures rose 49 cents, or 0.5%, to $97.49 a barrel by 04:00 GMT. West Texas Intermediate (WTI) crude gained $1.44, or 1.6%, to $92.92 a barrel.

According to Suvro  Sarkar, head of energy research at DBS Bank, WTI was catching up with Brent’s gains following the US Labour Day holiday on September 7.

“Overall, we believe ​the recent uptick in hostilities between the U.S. and Iran has the potential to materially change markets' ​reading of oil price related risks not only for the rest of 2026, but well into 2027 now,” he said.

The latest price gains came as tensions between Iran and the US raised the risk of a broader escalation and potential disruptions to oil supplies.

Iran threatened the US with “economic warfare” and said it had fired an advanced missile at US warships, underscoring the growing risk of further escalation after the two sides exchanged fresh strikes.

On September 5, US forces had struck three Iranian oil tankers, ​including one near Kharg Island, Iran's main oil export hub, according to US Central Command. The attacks followed strikes ‌by Iran's ⁠Revolutionary Guards on US warships operating in the region.

By Jeyhun Aghazada