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# Oil Heads for Its Biggest Weekly Gain Since July as the Iran War Threatens Global Supply
- URL: https://beirutwire.com/oil-heads-for-its-biggest-weekly-gain-since-july-as-the-iran-war-threatens-global-supply/
- Published: 2026-09-04T04:49:10.000Z
- Updated: 2026-09-04T04:49:10.000Z
- Description: Oil is heading for its strongest weekly gain since July, with Brent up around 7% as renewed U.S.-Iran fighting raises fears of further disruption to Middle Eastern supply. Threats to shipping through the Strait of Hormuz and possible strikes on Iranian energy infrastructure are worrying markets.
- Author: Beirut Wire
- Tags: Economy

Oil prices are on track for a sharp weekly rise as renewed fighting between the United States and Iran raises fears of further disruption to Middle Eastern energy supplies. **Brent crude was trading around $95.67 a barrel on Friday, up roughly 7.1% for the week, while U.S. West Texas Intermediate was near $91.56, up about 9.8%.**

The rally follows a new escalation in the conflict. U.S. forces carried out major strikes on Iranian military targets this week, while Tehran responded with missile and drone attacks and expanded restrictions on vessels operating through the Strait of Hormuz. The strait remains one of the world’s most important oil chokepoints, and any sustained disruption there can quickly tighten global supply.

The market is also reacting to renewed Israeli threats against Iranian energy infrastructure. Any strike on major oil facilities would raise the risk of a much broader supply shock, particularly at a time when inventories are already tight and shipping through the Gulf remains vulnerable.

There are still forces limiting the rise. Iraq has increased exports, OPEC+ is expected to keep its current production policy unchanged, and signs of a possible diplomatic opening in the Russia-Ukraine war could eventually ease pressure on global energy markets. But for now, traders are placing a premium on geopolitical risk.

The immediate question is whether the U.S.-Iran confrontation stays contained or expands into a wider campaign against energy infrastructure and shipping. If the latter happens, oil prices could move significantly higher.