Oil prices extended their gains as Iran declared its preparedness for a more intense war amid rising hostilities in the Middle East, intensifying market concerns over potential severe disruptions to energy supplies through the Strait of Hormuz. WTI crude settled 3.3% higher in the prior session, marking its largest one-day advance in a week, with prices currently hovering near $97 per barrel. Brent crude closed above $100 per barrel for the first time since July.
According to a senior Iranian official, the nation has no intention of backing down in the face of a US naval blockade and will intensify its attacks if Washington continues to strike its territory. The resumption of exchanges of fire over the past week has ended a period of relative calm and pushed oil prices upward. US President Donald Trump predicted that the war would not conclude before the November midterm elections, with no significant decline in gasoline prices expected until then, signaling that a near-term de-escalation of the seven-month-long conflict remains highly unlikely.
The United States is seeking to cripple Iran's economy through a maritime blockade, which has already led to a sharp reduction in Iranian oil exports, while simultaneously threatening sanctions against governments and businesses that fail to sever ties with Tehran. The Iranian official acknowledged growing economic pressures but stated that the leadership sees no alternative but to continue fighting until Washington is convinced that launching another attack would entail prohibitive risks.
Media reports citing US officials indicate that White House advisers, including Vice President J.D. Vance, have privately cautioned Trump that the war with Iran could persist until the end of his term. Such a scenario would further drain US military resources and heighten the risk of prolonged disruptions to Middle East energy supplies. Brent crude has surged nearly 70% this year, although the global benchmark price remains below the wartime peak of $126 per barrel reached in April.
European natural gas prices have also rebounded in response to the recent conflict, while refined products such as diesel have posted even more pronounced gains in 2026, driven by both the Middle East tensions and the ongoing Russia-Ukraine war. WTI for October delivery rose 1.2% to $97 per barrel, while Brent for November settlement advanced 3.4% on Wednesday to close at $101.21 per barrel.
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