The oil price climbed above $105 a barrel in U.S. trading on September 10, with Brent crude topping $105 as markets reacted to escalating Middle East tensions and attacks on shipping lanes.
Brent crude futures rose about 4% and “jumped above $105 a barrel” during Thursday trading, according to reporting that tied the move to supply concerns from the US-Iran conflict and recent tanker attacks.
U.S. West Texas Intermediate (WTI) futures also strengthened, trading around and above the $100 mark as traders priced in a war-related premium to global supply, a separate contemporaneous report noted.
The gains pushed energy-linked benchmarks higher and contributed to pressure on U.S. equity markets, with live-market coverage showing stocks sliding as investors weighed inflation and growth risks from higher fuel costs.
Analysts and market commentaries cited “supply concerns” tied to the conflict between the U.S. and Iran and an uptick in attacks on tankers as the proximate drivers of the rally, rather than a sudden change in demand fundamentals.
Higher oil prices have broader knock-on effects: commentators pointed to renewed energy inflation risks and noted the possibility of upward pressure on retail gasoline and heating costs if the rally persists.
Market watchers will look to weekly U.S. inventory reports and statements from OPEC and major producers for signs the supply shock is easing or deepening; for now, traders appear to be treating geopolitical risk as the dominant factor.
Sources
- Anadolu Agency — reported Brent topping $105 and WTI rising above $100, and linked the move to US-Iran tensions.
- LiveMint — covered the surge in Brent above $105 and cited tanker attacks and Saudi output concerns as contributors.
- CNBC — provided market reaction coverage showing stocks falling as oil rose past $100.
- Barron’s — reported WTI futures gaining and noted Brent earlier passed $105; included market context.
- Yahoo Finance — noted headlines that oil prices topped $105 and flagged energy inflation risks.
