Brent oil climbed to $105 a barrel on September 10 for first time since May 25, 2026 with little indication that the Iran war is abating as real-world energy prices soar. Chinese buying and Saudi Arabia reporting a sharp slump in oil output also contributed to the crude surge
The global benchmark extended a rally that saw futures jump to triple figures for the first time since July in the previous session. Renewed fighting over the past week has ended a period of relative calm, and the prospect of a lengthy conflict is fanning renewed fears of energy-driven inflation as prices for natural gas and diesel also surge.
Brent crude futures were up 2.63% at $104 a barrel at 5:55 pm IST.
Iran has no intention of backing down in the face of an American naval blockade and will escalate its strikes if the US continues attacking its territory, according to a senior official from the Islamic Republic. Meanwhile, US President Donald Trump said the war would only end after the November midterm elections and that significant gasoline price relief would not come before then, signaling little prospect of a near-term de-escalation in the conflict, now in its seventh month.
Brent prices have surged 30% from lows touched in early August as a permanent agreement between the U.S. and Iran to cease attacks never materialised and fighting resumed later in the month.