# Oil prices rise to six-week highs on worsening Middle East conflict | Reuters

> Brent settled at $97.31 and WTI rose to about $92.65 on September 7, with Brent hitting its highest level since July 24. Tanker traffic through the Strait of Hormuz had fallen to its lowest since May, and Goldman Sachs said prices could reach $120 if shipping attacks increase.

- Date: 2026-09-07 · published 2026-09-07T12:00:00.000Z
- Category: geopolitics · region Middle East · magnitude medium
- Page: https://feedsoft.ai/events/17631-oil-prices-rise-to-six-week-highs-on-worsening-middle-east-conflict-reuters
- Commodities: [Crude Oil (Brent)](https://feedsoft.ai/c/BRENT.md), [Crude Oil (WTI)](https://feedsoft.ai/c/WTI.md)

## Why it matters

Shrinking Hormuz traffic raises the risk of a larger supply shock, which would feed through to diesel, fertilizer and freight costs. These costs are passed on to feed prices.

## Read by commodity

- WTI: bullish ▲
- BRENT: bullish ▲

## Similar past events

| Commodity | Date | Event | 5-day % | 20-day % |
| --- | --- | --- | --- | --- |
| BRENT | 2023-10-09 | [Middle East conflict fuels rise in commodity prices \| Reuters](https://feedsoft.ai/events/9277-middle-east-conflict-fuels-rise-in-commodity-prices-reuters.md) | +7.4% | +0.0% |
| BRENT | 2026-03-03 | [Oil prices jump nearly 5%, settle at highest since January 2025 on Middle East conflict \| Reuters](https://feedsoft.ai/events/5229-oil-prices-jump-nearly-5-settle-at-highest-since-january-2025-on-middle-east.md) | +24.7% | +51.3% |
| BRENT | 2026-05-17 | [Oil prices rise 3% to two-week high on Iran war supply concerns \| Reuters](https://feedsoft.ai/events/19430-oil-prices-rise-3-to-two-week-high-on-iran-war-supply-concerns-reuters.md) | -5.7% | -24.9% |
| BRENT | 2025-06-11 | [Oil prices jumps 4% to 2-month high as tensions rise in Middle East \| Reuters](https://feedsoft.ai/events/11156-oil-prices-jumps-4-to-2-month-high-as-tensions-rise-in-middle-east-reuters.md) | +14.7% | +5.4% |
| BRENT | 2024-10-07 | [Oil prices extend gains, lifting Brent crude towards $80 on fears of wider Middle East conflict \| Reuters](https://feedsoft.ai/events/10025-oil-prices-extend-gains-lifting-brent-crude-towards-80-on-fears-of-wider-middle.md) | +1.2% | -6.8% |
| WTI | 2023-10-09 | [Middle East conflict fuels rise in commodity prices \| Reuters](https://feedsoft.ai/events/9277-middle-east-conflict-fuels-rise-in-commodity-prices-reuters.md) | +5.9% | -2.2% |
| WTI | 2026-03-03 | [Oil prices jump nearly 5%, settle at highest since January 2025 on Middle East conflict \| Reuters](https://feedsoft.ai/events/5229-oil-prices-jump-nearly-5-settle-at-highest-since-january-2025-on-middle-east.md) | +33.1% | +46.3% |
| WTI | 2026-05-17 | [Oil prices rise 3% to two-week high on Iran war supply concerns \| Reuters](https://feedsoft.ai/events/19430-oil-prices-rise-3-to-two-week-high-on-iran-war-supply-concerns-reuters.md) | -8.1% | -22.7% |

## Sources

- reuters.com: https://www.reuters.com/business/energy/oil-extends-gains-after-us-iran-strike-ships-2026-09-07/

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Data from Feedsoft AI (https://feedsoft.ai/). For information only; not investment advice.