Crude Oil Rises to Over 3-Month High

2026-09-08 08:34 By Agna Gabriel 1 min. read

Crude rose to around $94 a barrel on Tuesday, the highest since June 3, after Saudi Arabia reported attacks that halted operations at several energy facilities in the south of the kingdom.

The state-run Saudi Press Agency said the strikes wounded several people, while Iran-backed Houthi militants claimed responsibility for targeting the 400,000-barrel-a-day Jazan refinery and other facilities serving the domestic market.

The attacks add to concerns over further disruption to global oil supplies amid ongoing Houthi strikes and the war involving Iran.

Tensions are also rising around the Strait of Hormuz, where Iran said an agreement with Oman could soon provide a temporary safe-passage route, while warning that ships remain at risk of attack.

Meanwhile, Chinese crude imports strengthened in August, with refiners increasing purchases from the Persian Gulf and other sources.

Higher imports have enabled China to export more refined products, providing some relief to global oil markets.



News Stream
Crude Oil Rises to Over 3-Month High
Crude rose to around $94 a barrel on Tuesday, the highest since June 3, after Saudi Arabia reported attacks that halted operations at several energy facilities in the south of the kingdom. The state-run Saudi Press Agency said the strikes wounded several people, while Iran-backed Houthi militants claimed responsibility for targeting the 400,000-barrel-a-day Jazan refinery and other facilities serving the domestic market. The attacks add to concerns over further disruption to global oil supplies amid ongoing Houthi strikes and the war involving Iran. Tensions are also rising around the Strait of Hormuz, where Iran said an agreement with Oman could soon provide a temporary safe-passage route, while warning that ships remain at risk of attack. Meanwhile, Chinese crude imports strengthened in August, with refiners increasing purchases from the Persian Gulf and other sources. Higher imports have enabled China to export more refined products, providing some relief to global oil markets.
2026-09-08
Oil Extends Gain as Iran-Oman Hormuz Deal Nears
Crude oil climbed above $94 per barrel on Tuesday, scaling its highest levels in three months after Iran said an agreement with Oman to manage shipping through the Strait of Hormuz was nearing completion, fueling concerns over Tehran’s growing control of the key waterway. Markets were also focused on how the US might respond after striking Iranian tankers in the strait over the weekend. Oil prices surged nearly 10% last week as renewed US-Iran fighting raised fears of further disruptions to energy supplies from the Middle East. Both sides stepped up attacks over the weekend, targeting ships and military vessels around Hormuz. Saudi Aramco’s facilities in Jazan near the Red Sea were also attacked again on Monday, although the damage was limited. Despite the heightened risks, oil continues to flow out of the Persian Gulf, with roughly 7 million barrels a day of crude and refined products reportedly passing through the Strait of Hormuz.
2026-09-07
Crude Oil Tests 3-Month Highs
Crude oil rose to the $92 per barrel mark on Monday, the highest in three months, and nearly 40% above levels from before the outbreak of the war in Iran to reflect expectations of prolonged periods of tight supply. Reports from the FT showed Saudi Aramco oil facilities were hit in fresh attacks on Monday. Also, Iran said it was close to agreeing on a tanker route through the Strait of Hormuz with Oman. The consistent hawkish rhetoric against the corridor by the US added to escalatory risks as the US and Iran continued to strike each others' military and commercial vessels. Energy Secretary Chris Wright said Washington would maintain its naval presence and blockade. A greater rebound to crude prices were prevented by major economies tapping on inventory to tame higher import turnover. The US SPR plunged to less than 290 million barrels, the lowest since 1982. On top of that, China significantly cut imports of crude oil and refinery runs.
2026-09-07