Crude Oil Prices: Brent Crude Is Boiling Near $100, Trump Believes Oil Will Drop Precipitously, But Will It?

Crude oil prices are stubbornly high and strong on September 9, 2026, putting severe pressure on global market sentiments. On Wednesday, US WTI crude soared to 3-months high to trade above $94 per barrel, but the turning point emerged when Brent crude climbed nearly 2% and is very close to the $100 per barrel mark. The reason is clear: new tensions between the US and Iran that are keeping the oil and gas market under severe pressure. But Goldman Sachs believes Brent crude is not going to consolidate ahead; it will rally to $120 if the situation in the Middle East does not ease. Goldman, which had trimmed their crude oil prices target a few months ago, has taken a U-turn.

Crude Oil Prices Today

US WTI Crude Oil Futures

At the time of writing, US WTI crude oil futures gained 1.50% to trade around $94.42 per barrel. Accordingly, WTI is at 3-months high. Investors restored to oil after the US hit several Iranian tankers near Kharg Island, in retaliation to the attempted attacks by Islamic Regime on their warships.

An US official stated that the new US strikes are in response to an attempted missile attack on a US warship. On the other hand, Iran retaliated by releasing ballistic missiles toward Jordan. The Islamic regime has also issued fresh warnings to vessels in the Persian Gulf, urging tanker crews in regions of Kuwaiti and Bahraini ports to "immediately abandon their vessels."

The latest attacks have heightened geopolitical crisis and further escalated concerns regards to their impact on global oil and gas supply.

As per Trading Economics, Iran-backed Houthi militants also attacked energy infrastructure in southern Saudi Arabia, including the 400,000-barrel-a-day Jazan refinery. Meanwhile, stronger Chinese oil demand is pushing up prices for African, Canadian, and Latin American crude as disruptions in the Strait of Hormuz force refiners to look farther afield for alternative supplies.

Brent Crude Price

Brent is at seven weeks high but so close to $100 mark. At the time of writing, Brent traded above $99.50 per barrel with nearly 2% gains.

"Events over the ​last few days do suggest ​that the risk of shipping disruptions broadening and intensifying is an important one," Daan ​Struyven, co-head of global commodities ​research, said in an interview on Bloomberg TV.

Struyven and his team are predicting that Brent crude may rally to hit $120 per barrel if the tensions in Middle East intensify. They have also predicted a downside to $80 per barrel if exports at Gulf sea normalizes. Meanwhile, Goldman has hiked their Brent and WTI forecast by $5 to $85 and $80 for December 2026, and further to $80 and $75 for the next year.

Amidst this, President Donald Trump is optimistic that oil prices will drop. He said, "Oil prices will drop precipitously, like everything else is dropping (but more!), when we WIN the war with Iran. Three Dollars a gallon, but ultimately, below Two Dollars a gallon. It will all happen quickly, and Iran will never have a Nuclear Weapon."

For now, rising oil prices have become a chaos for global financial stability. Ponmudi R, CEO of Enrich Money said, "Oil remains the principal macro driver. WTI crude is holding in the $94-95 per barrel range after the latest escalation in hostilities across the Middle East heightened fears of further disruptions to global energy supplies. With no clear signs of de-escalation, the geopolitical risk premium embedded in crude prices is expected to remain elevated, keeping volatility across global financial markets high."

He added that investors will also continue to monitor developments in the region after fresh attacks involving Houthi militants and reports of U.S. strikes targeting Iranian tankers reinforced concerns over the security of energy shipments. Any further escalation around key shipping routes is likely to remain a significant source of uncertainty for global markets.

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