Oil Extends Gains as Middle East
Supply Fears Deepen

Tokyo, 8 Sep 2026 (ONA) — Oil
prices continued to climb today as the risk of a prolonged Middle East conflict
mounted, following Iran’s threat to retaliate against any new US strikes on its
assets, heightening concerns over potential supply disruptions.

Brent crude futures rose 34 cents,
or 0.35 percent, to $97.34 a barrel, while US West Texas Intermediate crude
gained $1.15, or 1.26 percent, to $92.63 a barrel.

Brent had touched its highest level
since 24 July in the previous session, as traders continued to price in a risk
premium amid escalating regional tensions.

Goldman Sachs raised its forecasts
for Brent and WTI by $5 a barrel, to $85 and $80 respectively for December
2026, and to $80 and $75 for 2027, reflecting expectations that shipping
disruptions in the Middle East will persist through next year.

In its September commodities
outlook, financial services platform Marex said that as long as the war
continues — which analyst Ed Meir believes it will, given that “many
issues have yet to be resolved” — crude prices are likely to remain
elevated through the end of the year.

— Ends/Khalid