Sep 11, 2026 – 4.20pmEscalating attacks on energy and shipping infrastructure in the Middle East pushed oil prices to their highest level in five months and raised the risk that prices could remain above $US100 a barrel into the new year, as forecasts for oil production outside the Middle East were also slashed.Brent crude, the global oil benchmark, jumped more than 6 per cent on Thursday to reach $US109 a barrel – its highest level since May – and continued to trade at about $US107 a barrel on Friday. The price jump comes as fresh strikes were exchanged between the US and Iran this week in the Strait of Hormuz, through which one-fifth of the world’s oil supply passes.Subscribe to gift this articleGift 5 articles to anyone you choose each month when you subscribe.Subscribe nowAlready a subscriber? Fetching latest articles
Traders see no end to sky-high oil price as Houthis head to Red Sea
RBC Capital Markets told clients that tighter supply and less production than expected outside the Middle East could mean crude hits $US130 a barrel next year.
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