New Delhi, Sep 2026 : Crude oil prices extended their gains for a fourth consecutive session on Wednesday, rising nearly 2 per cent as escalating military tensions involving Iran, the United States and Saudi Arabia heightened concerns over potential disruptions to oil supplies from the Gulf region.
Brent crude climbed as much as 1.79 per cent, or $1.76, to trade close to the $100-a-barrel mark. US West Texas Intermediate (WTI) crude also advanced 1.88 per cent, or $1.75, to reach $94.78 a barrel.
The latest rally has pushed Brent prices more than 20 per cent higher since early August, reflecting growing concerns that the six-month-old regional conflict could intensify further. Market sentiment has weakened as hopes of a lasting resolution have faded amid renewed military activity across the region.
Both major crude benchmarks remained in technically overbought territory, signalling that prices have risen sharply in recent sessions. Brent’s previous closing price was its highest since July 23 for a second consecutive session, while WTI settled at its strongest level since June 4.
The latest jump in prices followed reports of fresh attacks by Iran-backed Houthi forces in Yemen. The group reportedly targeted four cities in southern Saudi Arabia, a key US ally, on Tuesday. More than 70 people were reportedly injured and oil-related installations were set on fire in the attacks.
The developments have raised fresh concerns about the security of Saudi Arabia’s energy infrastructure and the potential impact on crude production and exports from one of the world’s largest oil-producing countries.
Reports also indicated that Saudi warplanes conducted airstrikes against targets in Yemen’s Jubah district, east of the capital Sanaa, as well as in Taiz province in southwestern Yemen.
The escalation has been accompanied by direct military confrontation between Iran and the United States. Iran’s Islamic Revolutionary Guard Corps reportedly claimed to have launched ballistic missile attacks against two US destroyers and a US military base at Al-Azraq in Jordan. Tehran described the attacks as retaliation for US strikes on Iranian oil tankers.
Jordan’s military said its air defence systems intercepted 18 of 20 ballistic missiles launched from Iran. The remaining two missiles landed in unpopulated areas, with no casualties reported.
US Secretary of State Marco Rubio has meanwhile warned that Washington would continue targeting Iranian oil tankers in response to attacks against American naval assets.
Speaking to reporters during a visit to Colombia, Rubio said Iran’s continued attempts to attack US naval vessels would lead to further losses for Iranian oil shipping.
The growing confrontation has increased fears of a broader disruption to oil flows through the Gulf, potentially putting additional upward pressure on crude prices and adding to concerns over global inflation and energy security.
