International Oil Prices Surge Again as WTI Tops $97, Brent Breaks Above $101

International oil prices rose again after Iran warned it would step up its offensive if U.S. attacks continue, fueling concern over potential disruptions to energy supplies through the Strait of Hormuz.

Bloomberg reported on September 9 that West Texas Intermediate climbed above $97 a barrel. The U.S. benchmark had jumped 3.3% a day earlier, its biggest one-day gain in a week. Brent crude also traded above $101 a barrel, ending above $100 for the first time since July.

A senior Iranian official said Tehran would not retreat in the face of a U.S. maritime blockade and would broaden retaliatory attacks if Washington continues striking Iranian territory. Iran has also indicated it is prepared for a more intense war.

Fighting in the Middle East has intensified again over the past week, bringing an end to a stretch of relative calm. Renewed concern over possible oil supply disruptions has added upward pressure to crude prices.

U.S. President Donald Trump also ruled out a near-term easing in tensions. He said the war is likely to end only after the November midterm elections and that gasoline prices are unlikely to fall meaningfully before then.

The market is closely tracking oil shipments through the Strait of Hormuz. Before the war, about 20% of the world's oil and liquefied natural gas passed through the waterway.

Some crude is still being exported from the Persian Gulf via the Strait of Hormuz, but ships remain exposed to the risk of continued attacks. Some tankers were also said to be sailing with their Automatic Identification System, or AIS, turned off.