(../../../../favicon_aje.ico) Oil prices surge as US-Iran strikes intensify in Strait of Hormuz | Oil and Gas News | Al Jazeera    (https://www.aljazeera.com/economy/2026/9/7/oil-prices-surge-as-us-iran-strikes-intensify-in-strait-of-hormuz)                                                 (https://www.aljazeera.com/xml/rss/all.xml)  (https://www.aljazeera.com/amp/economy/2026/9/7/oil-prices-surge-as-us-iran-strikes-intensify-in-strait-of-hormuz)  (https://www.aljazeera.com/wp-content/uploads/2026/09/reuters_6a9c692f-1788635439.jpg?resize=1920%2C1440)  (../../../../wp-content/uploads/2026/09/reuters_6a9c692f-1788635439.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.e3bc53a0.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-~41c72a2c.3f309873.r2.chunk.css)  (../../../../static/css/component~aje/containers/home-page~components/video-article/videoPageDispatcher~containers/amp-live-~06be7c11.0625e98d.r2.chunk.css)  (../../../../static/css/common~493df0b3.ec3ab9b5.r2.chunk.css)  (../../../../static/css/pages/article-page~493df0b3.accd71c7.r2.chunk.css)  (../../../../static/css/common~493df0b3.ec3ab9b5.r2.chunk.css)   Skip links (oil-prices-surge-as-us-iran-strikes-intensify-in-strait-of-hormuz@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/tag/israel-iran-conflict/) US-Israel war on Iran    (https://www.aljazeera.com/news/2026/7/9/strait-of-hormuz-what-has-happened-since-the-us-iran-mou-on-june-17) Strait of Hormuz   (https://www.aljazeera.com/news/2026/9/9/has-iran-captured-an-unmanned-us-submarine-what-we-know) Did Iran capture a US submarine?   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Listen   Listen (6 mins)       Save       Share Oil prices surge as US-Iran strikes intensify in Strait of Hormuz on social media share-nodes    Share (https://www.facebook.com/sharer/sharer.php?u=https%3A%2F%2Faje.news%2F9exw3k) facebook      (https://twitter.com/intent/tweet?text=Oil%20prices%20surge%20as%20US-Iran%20strikes%20intensify%20in%20Strait%20of%20Hormuz&source=sharethiscom&related=sharethis&via=AJEnglish&url=https%3A%2F%2Faje.news%2F9exw3k) x    (whatsapp://send?text=https%3A%2F%2Faje.news%2F9exw3k) whatsapp-stroke    (https://aje.news/9exw3k)  copylink          google       Add Al Jazeera on Google  info      (Vessels in the Strait of Hormuz near the beach of Bandar Abbas, Iran, September 5, 2026. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS ATTENTION EDITORS - THIS PICTURE WAS PROVIDED BY A THIRD PARTY. ISRAEL OUT. NO COMMERCIAL OR EDITORIAL SALES IN ISRAEL. NO ACCESS FOR ISRAELI MEDIA. NO USE BBC PERSIAN. NO USE VOA PERSIAN. NO USE MANOTO. NO USE IRAN INTERNATIONAL. NO USE RADIO FARDA. DIGITAL: NO USE BBC PERSIAN. NO USE VOA PERSIAN. NO USE MANOTO. NO USE IRAN INTERNATIONAL. NO USE RADIO FARDA.)   Vessels travel in the Strait of Hormuz near the beach of Bandar Abbas, Iran [File: Majid Asgaripour/Reuters]   (https://www.aljazeera.com/author/andy_hirschfeld_200917192526112)     By  (https://www.aljazeera.com/author/andy_hirschfeld_200917192526112) Andy Hirschfeld and Reuters   Published On 7 Sep 2026 7 Sep 2026    Oil prices are rising to nearly a six-week high amid a wave of strikes between the United States and Iran in the Strait of Hormuz, through which roughly a fifth of the world’s oil supply travels during peacetime. On Monday, Brent oil futures, the global benchmark, rose to hover around $97 a barrel — up 9 percent over the last five days and 19 percent over the last month. Monday’s market moves are approaching the highest point since July 24th, when prices topped $97.93. Recommended Stories list of 4 items list 1 of 4 (https://www.aljazeera.com/news/2026/9/4/iran-war-why-us-midterms-could-be-a-pivotal-moment) Iran war: Why US midterms could be a pivotal moment  list 2 of 4 (https://www.aljazeera.com/economy/2026/9/4/diesel-price-hits-all-time-high-in-us-amid-iran-war-woes) Diesel price hits all-time high in US amid Iran war woes  list 3 of 4 (https://www.aljazeera.com/news/2026/9/5/us-imposes-sanctions-on-turkish-bank-prompting-legal-threat) US imposes sanctions on Turkish bank, prompting legal threat  list 4 of 4 (https://www.aljazeera.com/economy/2026/9/5/iran-president-pezeshkian-calls-for-unity-as-us-ramps-up-economic-pressure) Iran President Pezeshkian calls for unity as US ramps up economic pressure   end of list  US West Texas Intermediate crude similarly rose to $92.27 a barrel, up 79 cents, also a near six-week high. In recent days, strikes escalated in the Strait of Hormuz. The US hit three Iranian oil tankers on Saturday, while Iran’s Islamic Revolutionary Guard Corps (IRGC) said it had struck three tankers and three US-linked vessels in other areas.      “This is a reflection of continued conflict and exchange of fire. The supply deficits globally are persisting, and there is little end to these shortages,” Rachel Ziemba, an adjunct senior fellow at the Center for a New American Security (CNAS), told Al Jazeera. On Monday, Saudi Aramco’s Jizan facilities were struck for the second time in the last month, according to reporting from the Financial Times that cited two people familiar with the matter. “The fact that a Saudi refinery in Jizan was hit, possibly delaying its return to production, didn’t help,” Ziemba added. Amid increased strikes, there’s less traffic in the Strait of Hormuz, with an average of 10 commodity ships crossing the vital chokepoint each day over the last 10 days, according to Kpler, a data analytics platform. Advertisement    “Crude went back down to what the pre-war level was in early July. Then it increased again, and then it reduced again, and now it’s increasing again on this weekend’s exchange plus the Aramco attack,” Arif Gasilov, a partner at the Gasilov Group, an energy advisory firm, told Al Jazeera. “I would say that you might eventually see an inflection point, depending on how long this keeps going on, where a ceasefire doesn’t move the market at all, maybe by just a dollar or two.” US consumers pinched US consumers are feeling the impact of heightened oil prices at the petrol pump. The average price for a gallon (3.78 litres) of petrol has jumped 7 cents over the course of a week, reaching $4.15 nationally on Monday, up from $4.08 this time a week ago, according to the American Automobile Association (AAA), which tracks daily petrol prices. That’s up from $4.04 this time a month ago and $2.98 from February 28th, when the US and Israel first struck Iran, marking a 39 percent increase since the war began. Last week, (https://www.aljazeera.com/economy/2026/9/4/diesel-price-hits-all-time-high-in-us-amid-iran-war-woes) diesel prices hit all-time highs at $5.85 per gallon. “US diesel prices have never been this high, and now the countdown starts for the trickle-down to everything consumers buy… record diesel will start funnelling down into the economy,” Patrick De Haan, head of petroleum analysis at GasBuddy, said in a post on the social media platform X. Prices have continued to climb since, with average prices on Monday topping $5.90 per gallon. “Markets are pricing in longer disruptions. It continues to be in product markets where the biggest disruptions lie, though, including diesel,” Ziemba added. Those (https://www.aljazeera.com/news/2026/9/7/iran-war-how-us-consumers-spent-an-additional-100bn-on-fuel) price gains are weighing on Americans , who have spent an average of $764.59 per household on fuel since the war began. That’s $418.82 more than usual, according to Brown University’s Watson School of International and Public Affairs.  (INTERACTIVE - Iran war adds 100bn to US fuel costs-1788846928)    Ahead of the US’s September 5-7 Labor Day weekend, the unofficial end of summer and a popular time for US travel, AAA forecasts showed a 20 percent increase in flight costs compared to the same weekend last year. Ahead of the midterm elections, the economy is emerging as a key issue for US voters — and a potential warning sign for Republicans. Polls show voters souring on President Donald Trump’s handling of the economy, with his economic approval rating falling to a new low in a recent Financial Times poll. Just 17 percent of Americans approve of his handling of the economy. An Economist/YouGov poll similarly found that 39 percent of Americans believe Democrats are doing a better job handling the economy, compared with 32 percent who said Republicans are. Advertisement    China pressures Southeast and East Asian markets rely more heavily on imports travelling through the Strait of Hormuz directly than the US, but Beijing has moved to insulate itself from the disruption by turning to domestic sources, including its strategic petroleum reserve (SPR). “China has been managing this situation successfully since the beginning of the war. We know that China has many domestic resources, despite rising oil prices,” John Gong, an economics professor at the University of International Business and Economics, told Al Jazeera. (Top 10 countries that rely on Middle East oil)   “China has been conserving its oil and gas consumption for quite some time now. China was prepared for these challenges,” Gong said. He also stressed that China’s close relations with Russia give Beijing another source of supply, with Moscow able to provide nearly half of China’s daily oil needs. China has also begun tapping into its SPR while reducing its reliance on imports, as Beijing accelerates a broader shift towards alternative energy sources and vehicles that require little or no oil to operate. “We have national strategies focused on transitioning to clean energies like solar and green power,” Gong said. “When we look at the vehicles purchased in China, more than 50 percent of cars sold on the Chinese market are electric.”            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     (https://bsky.app/profile/aljazeera.com) bluesky     (https://www.tiktok.com/@aljazeeraenglish) tiktok-colored-outline                  (Al Jazeera Media Network logo)   © 2026 Al Jazeera Media Network