(../../../../favicon_aje.ico) Oil prices jump as US, Iranian attacks stoke fears of escalation | Oil and Gas | Al Jazeera    (https://www.aljazeera.com/economy/2026/9/1/oil-prices-climb-as-us-iranian-attacks-stoke-fears-of-escalation)                                                (https://www.aljazeera.com/xml/rss/all.xml)  (https://www.aljazeera.com/amp/economy/2026/9/1/oil-prices-climb-as-us-iranian-attacks-stoke-fears-of-escalation)  (https://www.aljazeera.com/wp-content/uploads/2026/09/AFP__20260810__C4CF7ZV__v1__MidRes__IranUsIsraelWarDailylife-1788233643_4a58c9-1788234549.jpg?resize=1200%2C630&quality=80)  (../../../../wp-content/uploads/2026/09/AFP__20260810__C4CF7ZV__v1__MidRes__IranUsIsraelWarDailylife-1788233643.jpg@resize=770,513&quality=80)     (https://cdn.cookielaw.org) (https://cdn.cookielaw.org) (https://cdn.cookielaw.org) (https://cdn.cookielaw.org/scripttemplates/otSDKStub.js) (https://www.google-analytics.com) (https://www.google-analytics.com) (https://www.google-analytics.com) (https://static.chartbeat.com/) (https://static.chartbeat.com/) (https://static.chartbeat.com/) (../../../../static/css/vendor~main~d08ff9cb.24bf1742.r2.chunk.css) (../../../../static/css/component~main~748942c6.6c6e15fe.r2.chunk.css) (../../../../static/css/component~main~b07b7304.25927f0e.r2.chunk.css) (../../../../static/css/component~main~6e6dca10.74fd263a.r2.chunk.css) (../../../../static/css/component~main~5db14389.c7afea12.r2.chunk.css) (../../../../static/media/Roboto-Bold.52bb58c8.woff2) (../../../../static/media/Roboto-Regular.c5bf51b6.woff2)  (../../../../static/css/vendor~aje/containers/home-page~components/video-article/videoPageDispatcher~containers/amp-live-blo~5f903362.2e08e417.r2.chunk.css)  (../../../../static/css/component~aje/containers/home-page~components/video-article/videoPageDispatcher~containers/amp-live-~9c0c5d0c.c65718e9.r2.chunk.css)  (../../../../static/css/component~components/video-article/videoPageDispatcher~containers/amp-live-blog-container~containers~72501995.3d2cbba2.r2.chunk.css)  (../../../../static/css/component~components/video-article/videoPageDispatcher~pages/amp-article~pages/article-page~493df0b3.1e546aab.r2.chunk.css)  (../../../../static/css/common~493df0b3.5839b1ed.r2.chunk.css)   Skip links (oil-prices-climb-as-us-iranian-attacks-stoke-fears-of-escalation@traffic_source=rss.html#main-content-area) Skip to Content  (https://www.aljazeera.com/)          (https://www.aljazeera.com/video/live) play    Live    Sign up  Show navigation menu     Navigation menu (https://www.aljazeera.com/news/) News    Show more news sections  (https://www.aljazeera.com/africa/) Africa   (https://www.aljazeera.com/asia/) Asia   (https://www.aljazeera.com/us-canada/) US & Canada   (https://www.aljazeera.com/latin-america/) Latin America   (https://www.aljazeera.com/europe/) Europe   (https://www.aljazeera.com/asia-pacific/) Asia Pacific      (https://www.aljazeera.com/middle-east/) Middle East   (https://www.aljazeera.com/tag/explainer/) Explained   (https://www.aljazeera.com/sports) Sport   (https://www.aljazeera.com/opinion/) Opinion   (https://www.aljazeera.com/videos/) Video   More   Show more sections  (https://www.aljazeera.com/features/) Features   (https://www.aljazeera.com/economy/) Economy   (https://www.aljazeera.com/tag/human-rights/) Human Rights   (https://www.aljazeera.com/climate-crisis) Climate Crisis   (https://www.aljazeera.com/investigations/) Investigations   (https://www.aljazeera.com/interactives/) Interactives   (https://www.aljazeera.com/gallery/) In Pictures   (https://www.aljazeera.com/tag/science-and-technology/) Science & Technology   (https://www.aljazeera.com/audio/podcasts) Podcasts   (https://www.aljazeera.com/travel) Travel   (https://www.aljazeera.com/sponsored/) Sponsored Content        (https://www.aljazeera.com/video/live) play    Live    Click here to search search     Sign up        Navigation menu caret-left    (https://www.aljazeera.com/) Trending    (https://www.aljazeera.com/news/liveblog/2026/8/31/iran-war-live-irgc-attacks-us-bases-in-jordan-after-us-bombs-larak-island) US-Israel war on Iran   (https://www.aljazeera.com/news/2026/8/27/satellite-images-show-destruction-from-nepal-tibet-floods) Nepal floods   (https://www.aljazeera.com/news/2025/11/11/how-many-times-has-israel-violated-the-gaza-ceasefire-here-are-the-numbers) Israel's ceasefire violations   (https://www.aljazeera.com/tag/donald-trump/) Donald Trump     caret-right         (https://www.aljazeera.com/economy/) Economy |(https://www.aljazeera.com/tag/oil-and-gas/) Oil and Gas   Oil prices jump as US, Iranian attacks stoke fears of escalation Brent crude tops $92 a barrel following first strikes between Washington and Tehran in over a month.   Listen   Listen (3 mins)       Save       Share Oil prices jump as US, Iranian attacks stoke fears of escalation on social media share-nodes    Share (https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Faje.news%2F93o4ce) facebook      (https://twitter.com/intent/tweet?text=Oil%20prices%20jump%20as%20US%2C%20Iranian%20attacks%20stoke%20fears%20of%20escalation&source=sharethiscom&related=sharethis&via=AJEnglish&url=https%3A%2F%2Faje.news%2F93o4ce) x    (whatsapp://send?text=https%3A%2F%2Faje.news%2F93o4ce) whatsapp-stroke    (https://aje.news/93o4ce)  copylink          google       Add Al Jazeera on Google  info      (Strait of Hormuz)   Oil prices have been volatile since a 60-day ceasefire expired in mid-August, denting hopes of a return to pre-war levels of maritime traffic in the Strait of Hormuz [File: Atta Kenare/AFP]   (https://www.aljazeera.com/author/powerj)     By  (https://www.aljazeera.com/author/powerj) John Power    Published On 1 Sep 2026 1 Sep 2026    Oil prices have jumped amid fears of escalation in the Middle East following the first exchanges of fire between the United States and Iran in more than a month over the weekend. Brent crude, the international benchmark, rose 2 percent on Tuesday to top $92 a barrel, extending a more than 2.5 percent gain from the previous day. Recommended Stories list of 4 items list 1 of 4 (https://www.aljazeera.com/news/2026/9/1/african-ngos-demand-probe-into-six-bodies-found-in-guinea-mass-grave) African NGOs demand probe into six bodies found in Guinea mass grave  list 2 of 4 (https://www.aljazeera.com/video/newsfeed/2026/9/1/09-01-26-times-square-stabbing-minisv) New York police kill knife-wielding woman in Times Square  list 3 of 4 (https://www.aljazeera.com/news/2026/9/1/toxic-haze-from-indonesian-fires-chokes-malaysian-borneo) Toxic haze from Indonesian forest fires chokes Malaysian Borneo  list 4 of 4 (https://www.aljazeera.com/news/2026/9/1/us-brings-back-russias-siluanov-to-g20-finance-talks-angering-europe) US brings back Russia’s finance minister to G20 talks, angering Europe   end of list  Brent scheduled for November delivery stood at $92.31 a barrel as of 08:45 GMT, up from just over $88 a barrel when markets closed on Monday. The latest rise came amid renewed tensions in the Middle East following US strikes on Iran’s Larak ⁠Island and Iranian attacks on two bases used by US forces in Jordan. In a television interview on Monday, US President Donald Trump pledged to respond to Tehran’s strikes on the King Hussein and Al Azraq bases in Jordan. “We’re going to hit them hard,” Trump told Fox News. The United Kingdom Maritime Trade Operations, a monitoring centre operated by the British Royal Navy, reported late on Monday that a tanker was struck by three unknown projectiles while crossing the Strait of Hormuz, where Iranian forces have carried out numerous attacks on commercial shipping. No casualties were reported in the attack, and no government or group has claimed responsibility.      Oil prices have been volatile since a 60-day ceasefire between the US and Iran expired in mid-August, denting hopes of a return to pre-war levels of maritime traffic in the Strait of Hormuz, a conduit for about one-fifth of global oil supplies in peacetime. After peaking at nearly $94.40 a barrel on August 21, Brent has been trading in the range of $86-$91 since the truce between the sides lapsed without an extension or permanent peace deal. Advertisement    “Hopes of a near-term deal to open the strait have faded as the conflict appears back on an escalatory trajectory in the wake of recent attacks,” Saul Kavonic, head of energy research at MST Financial, told Al Jazeera. “The oil market is increasingly realising we may be in for a protracted ‘no war, no peace’ situation, with only partial volumes flowing through the strait, that could last well into 2027,” Kavonic said. Traffic in the Strait of Hormuz, which saw roughly 130 daily transits before the war, remains heavily constrained, with many vessels sailing “dark” with their Automatic Identification System turned off to lessen the threat of Iranian drones and missiles or interception by the US Navy. The strait saw 107 transits from August 24 to August 30, down from 121 crossings the prior week, according to ship monitoring platform MarineTraffic. Tony Sycamore, a senior market analyst at IG Markets, said oil prices could ease in spite of the latest flare-up in violence if “dark” shipments tick up again in the strait. “I think after the latest skirmish, and the risk of further exchanges of fire, the path of least resistance for oil is higher in the short term,” Sycamore told Al Jazeera. “However, if this flare-up were to fade by the weekend and those dark-ship and ship-to-ship transfers resume, you would expect this week’s geopolitical premium to get stripped out pretty quickly,” Sycamore said. “Overall, what we are dealing with is a day-to-day proposition.”            aj-logo             aj-logo             aj-logo       Advertisement          About About   Show more  (https://www.aljazeera.com/about-us) About Us   (https://www.aljazeera.com/code-of-ethics/) Code of Ethics   (https://www.aljazeera.com/terms-and-conditions/) Terms and Conditions   (https://www.aljazeera.com/eu-eea-regulatory/) EU/EEA Regulatory Notice   (https://privacy.aljazeera.net/) Privacy Policy   (https://privacy.aljazeera.net/cookie/) Cookie Policy   (https://www.aljazeera.com/) Cookie Preferences    (https://trust.aljazeera.net/accessibility/) Accessibility Statement   (https://www.aljazeera.com/sitemap) Sitemap   (https://careers.aljazeera.net/) Work for us      Connect Connect   Show more  (https://network.aljazeera.net/en/contact?tid=6) Contact Us   (https://www.aljazeera.com/user-accounts-help) User Accounts Help   (https://commercial.aljazeera.net/) Advertise with us   (https://www.aljazeera.com/stay-connected) Stay Connected   (https://www.aljazeera.com/newsletters) Newsletters   (https://sat.aljazeera.net/en) Channel Finder   (https://www.aljazeera.com/schedule/) TV Schedule   (https://www.aljazeera.com/podcasts/) Podcasts   (https://webapps.aljazeera.net/aje/tips/) Submit a Tip   (https://www.aljazeera.com/sponsored) Paid Partner Content      Our Channels Our Channels   Show more  (http://aljazeera.net/) Al Jazeera Arabic   (https://www.aljazeera.com/) Al Jazeera English   (https://www.ajiunit.com/) Al Jazeera Investigative Unit   (https://www.aljazeeramubasher.net/) Al Jazeera Mubasher   (http://doc.aljazeera.net/) Al Jazeera Documentary   (http://balkans.aljazeera.net/) Al Jazeera Balkans   (http://ajplus.net/) AJ+      Our Network Our Network   Show more  (http://studies.aljazeera.net/en/) Al Jazeera Centre for Studies   (http://training.aljazeera.net/) Al Jazeera Media Institute   (http://learning.aljazeera.net/) Learn Arabic   (http://liberties.aljazeera.com/en) Al Jazeera Centre for Public Liberties & Human Rights   (http://forum.aljazeera.net/) Al Jazeera Forum   (https://hotels.aljazeera.net/en) Al Jazeera Hotel Partners        Follow Al Jazeera English: (https://www.facebook.com/aljazeera) facebook       (https://twitter.com/ajenglish) twitter     (https://www.youtube.com/aljazeeraenglish) youtube     (https://www.instagram.com/aljazeeraenglish/?hl=en) instagram-colored-outline                          (https://www.aljazeera.com/xml/rss/all.xml) rss       (Al Jazeera Media Network logo)   © 2026 Al Jazeera Media Network