"Global oil prices" surged 10% in a single week as the US-Iran conflict fuels the risk of Hormuz (a Thai health crisis).

"Global oil prices": Brent crude surged 7.6% this week, while WTI jumped 10.4%, amid escalating US-Iran tensions and heightened concerns about Middle Eastern supply.

On September 4, 2026, at 12:21 PM, Reuters reported that oil prices rose on Friday and were on track for their largest weekly increase since mid-July, following renewed tensions and clashes between the United States and Iran, raising concerns about the risk to oil supply from the Middle East.

Brent crude oil prices rose 54 cents, or 0.6%, to $96.06 per barrel at 01:00 GMT, while U.S. West Texas Intermediate (WTI) crude oil increased 80 cents, or 0.9%, to $92.10 per barrel.

On a weekly basis, Brent crude oil prices have risen 7.6%, while WTI has surged 10.4%, with both contracts on track for their biggest weekly gains since the week ending July 20.

The situation was largely exacerbated by this week's US attacks, which resulted in dozens of deaths and injuries, including among Iranian civilians, marking the most intense clashes between the two countries since July.

The war, which began with attacks by the United States and Israel in late February, is now in its seventh month, with the risk of escalation remaining.

Israeli Defense Minister Israel Katz has reiterated his warning that Israel will launch attacks to disrupt Iran's military and civilian infrastructure, including its energy infrastructure.

Amid these risks, ANZ analysts have revised their short-term Brent oil price forecast upwards to $95 per barrel, noting that there is a risk of prices rising even higher if conflicts in the Middle East escalate.

Analysts believe the oil market is entering a fragile adjustment period. While high oil inventories will initially cushion the impact of the supply crisis, the challenge going forward is maintaining market balance as these buffer reserves begin to dwindle.

Meanwhile, U.S. Vice President JD Vance revealed on Thursday that the United States has no plans to open negotiations with Iran until Tehran ceases its attacks on commercial ships in the Strait of Hormuz, a strategically important route for global energy transportation.

Meanwhile, Iran has added to its list of ships deemed to be non-compliant and potentially subject to fines, seizure, or detention if they attempt to pass through the Strait of Hormuz. Iraqi vessels remain among the few groups permitted by Tehran to use the route.

Iraq increased its oil exports to approximately 2.34 million barrels per day in August, up from around 1.35 million barrels per day in July, and exports are expected to rise further in September, driven by high oil price discounts and Iran's permission for Iraqi tankers to pass through the Strait of Hormuz, which has attracted buyers.

However, oil prices faced limiting upward momentum after Russian President Vladimir Putin indicated that there is still a way to reach an agreement to end the war in Ukraine, adding that both the United States and China are ready to support peace negotiations.

The oil market is therefore closely monitoring the situation between the United States and Iran, especially the risks to transportation through the Strait of Hormuz, which could be a key factor in determining the direction of global oil prices in the coming period.

Reference: www.reuters.com

Read news related to All situations around the world can be found here.