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Global oil prices spike near $97 amid Hormuz transit disruptions
Published : Monday, 7 September, 2026 at 11:20 AM
Observer Online Report
Collected Photo
Global oil prices continued their upward trajectory on Monday, approaching $97 per barrel due to rising geopolitical tension between the US and Iran and severe shipping disruptions in the Strait of Hormuz.
A Gulf News report on Monday (September 7) confirmed that Brent crude, the global benchmark, moved close to $97 per barrel during morning trade.
Brent crude rose by 0.43 per cent to $96.69 per barrel, while US West Texas Intermediate (WTI) crude gained 0.60 per cent to reach $92.03 per barrel.
Conversely, Murban crude fell by 1.36 per cent to $103.30 per barrel, and natural gas declined by 1.5 per cent to $2.929 per MMBtu.
Last week recorded the highest weekly gains since July, with Brent surging 7.6 per cent to $96.28 and WTI jumping nearly 10 per cent to $91.48 per barrel. Market analysts noted that supply uncertainty in international markets continues to add a geopolitical risk premium to oil prices.
Tanker movements through the Strait of Hormuz, a key route for global oil supplies, face severe uncertainty. Reuters reported that only four ships crossed the strait during a specific period, significantly down from the 10-day average of 13 vessels per day, though US officials claimed up to 17 million barrels were transported in a single day.
Facing Middle East supply risks, Brent crude is currently trading at a premium of about $4.66 per barrel over WTI, with analysts warning that the price gap could widen further if conflicts escalate or energy infrastructure is damaged.
-SA
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Editor : Iqbal Sobhan Chowdhury
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Published by the Editor on behalf of the Observer Ltd. from Globe Printers, 24/A, New Eskaton Road, Ramna, Dhaka.
Editorial, News and Commercial Offices : Aziz Bhaban (2nd floor), 93, Motijheel C/A, Dhaka-1000.
Phone: PABX- 41053001-06; Advertisement: 41053012; 01793317829, 01550707291, E-mail: [email protected], [email protected] Online: email: [email protected] 41053014; 01550707297 Advertisement: 01550707296
