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Crude Oil Prices Extend Gains Amid Escalating Middle East Tensions
Energy Minerals · Oil & Gas Production · yonhap_finance · 2026-09-04
International oil prices rose for the fifth consecutive day as geopolitical instability spread to the Bab el-Mandeb Strait, raising concerns over global supply.
What Happened
Oil Price Rally: Crude oil prices continued their upward trajectory for the fifth straight session, driven by intensifying geopolitical tensions in the Middle East. WTI crude settled at $91.48 per barrel, while Brent crude reached $96.28, reflecting growing anxiety over supply chain disruptions.
Geopolitical Risks: The conflict has expanded to the Bab el-Mandeb Strait, a critical maritime chokepoint connecting the Red Sea and the Gulf of Aden. Violent clashes between Yemeni government forces and Houthi rebels have sparked fears of significant logistical bottlenecks and supply shortages.
Additional Pressures: Market sentiment was further rattled by comments from U.S. President Donald Trump, who hinted at the possibility of striking suspected underground nuclear facilities in Iran. These developments have significantly heightened the risk premium on global energy prices.
Market Impact: With key transit routes for oil and natural gas under threat, the energy market is facing increased volatility. Analysts suggest that unless the regional military tensions subside, oil prices are likely to maintain their upward momentum.