Published Wed, Sep 9, 2026 · 06:12 AM

BRENT oil advanced to the highest since late July as another round of strikes on Middle East energy infrastructure, including reported explosions at Iran’s vital export hub Kharg Island, stoked fears of fresh supply tightness.

The global benchmark edged up 1 per cent on Tuesday (Sep 8) to settle close to US$98 a barrel, after nearing US$100 at one point during the session, as Saudi Arabia said operations at several of its energy facilities were halted by Houthi attacks. West Texas Intermediate futures closed near US$93, the highest since early June. 

Prices gained just ahead of Brent’s settlement after Iran’s semi-official Mehr news agency reported that explosions were heard on the country’s Kharg Island.

The site is Iran’s main oil export facility, leaving markets highly sensitive to any potential disruption there. 

“Markets are increasingly pricing a prolonged Mideast conflict,” Goldman Sachs Group Inc. analysts including Daan Struyven said in a note, modestly raising the bank’s oil-price estimates on the assumption that shipping disruptions will persist into 2027. “Risks to our price forecast remain significantly tilted to the upside.”

Iran-backed Houthi militants said they again targeted Saudi Arabia’s 400,000 barrel-a-day Jazan refinery and facilities that serve the domestic market.

The Houthis are blockading Saudi Arabia’s oil flows in response to Riydah’s siege of the Yemeni capital, Sana’a, and have made repeated strikes in recent weeks. 

The campaign against the largest producer in the Organization of the Petroleum Exporting Countries adds to concerns that oil supplies will continue to face disruption as a result of both Houthi attacks and the Iran war. Global inventories have been declining at a rapid pace, and prices for...