Oil prices rose on Wednesday as escalating tensions between the U.S. and Iran fueled concerns over further disruptions to Middle East energy supplies,

Crude oil prices have jumped 1 percent and Brent Crude oil has now touched 99 dollars per barrel (at the time of filing this copy) as US-Iran tit-for-tat strikes stoke supply worries.

Analysts said they expected the price of Brent crude, the international benchmark, to remain elevated for the rest of the year.

Houthi drones and ballistic missiles struck Saudi Aramco facilities Tuesday, wounding 73 people and deepening fears of a wider U.S.-Iran conflict

The approach of Brent crude oil prices toward $100 per barrel appears consistent with increased market support for a potential new all-time high. The strengthening of the yen suggests that market participants are factoring in a possible Bank of Japan rate hike.

Oil prices rose today, Sept. 9, posting gains for the fourth consecutive session, following renewed military attacks in the Middle East that raised co

The U.S. President said in a Truth Social post on Monday that winning the war with Iran would bring down oil and gas prices.

Even so, the bank’s Brent forecast remains well below current prices near $97. Goldman’s more cautious year-end view reflects the fact that substantial Gulf crude is still reaching the market, alternative export routes remain available and higher non-OPEC supply could offset part of the disruption.

The yield on the 10-year Treasury, which underpins many mortgages and commercial loans, traded around 4.80 percent. Separately, a recent bond sell-off has erased gains made after the Treasury Department unexpectedly intervened in the bond market last month.

Brent oil will remain volatile between $US70 and $US100 a barrel in the second half of 2026, but tighter diesel supply remains the bigger concern, CommBank economists say.