Oil soars to $109, pushing up chances of US interest rate increase
Brent crude oil prices have surged to $109.20 per barrel following an increase in attacks on shipping vessels in the Gulf amid the ongoing US-Israel war on Iran. Analysts warn that sustained high prices could pressure the US Federal Reserve to consider interest rate hikes.
Why it matters
Rising oil prices threaten to exacerbate global inflation and complicate monetary policy, potentially slowing economic growth in major importing nations.
Prices have spiked as attacks on oil tankers in the Gulf escalate amid the US-Israel war on Iran.
x whatsapp-stroke copylink google Add Al Jazeera on Google info With fuel prices rising rapidly, the chances of an interest rate rise in the US have increased, analysts say [File: Gene J Puskar/AP Photo] By AP and Reuters Published On 10 Sep 2026 10 Sep 2026 Oil prices have surged, with benchmark Brent crude hitting $109.20 a barrel after the biggest rise in attacks on Gulf shipping since the US-Israel war on Iran began spurred trader concerns about further supply disruptions.
Brent crude futures spiked to $109.20 a barrel on Thursday, up from $105.26 a barrel at midday. US West Texas Intermediate crude futures topped $100 a barrel for the first time since May, rising 6.7 percent to $102.5.
Get smarter about the news
Sign up free for a feed built around what you actually care about, Dive Deeper research on any story, and the full text of every article.
Create free accountAlready have an account? Sign in