Oil Extends Gains as Middle East
Supply Disruption Fears Mount

Singapore, 7 Sep 2026 (ONA) — Oil
prices continued their upward trajectory today, as concerns over prolonged
supply disruptions in the Middle East intensified amid ongoing exchanges of
attacks between the United States and Iran.

Brent crude futures rose 52 cents,
or 0.54 percent, to $96.80 per barrel, while US West Texas Intermediate crude
gained 66 cents, or 0.72 percent, to $92.14 per barrel.

Brent surged 7.8 percent last week,
while WTI climbed about 10 percent, after the US and Iran resumed their
attacks, leading to a decline in oil flows.

Marine intelligence firm Marisks
said commercial tankers are increasingly being used deliberately as instruments
of mutual economic pressure, significantly eroding the previous distinction
between military confrontation and commercial shipping.

Meanwhile, the OPEC+ alliance
decided on Sunday to keep its oil production policy unchanged for October 2026,
as the group works towards agreeing on new quotas before determining its next
steps on output.

— Ends/Khalid