{
  "id": 6677998,
  "title": "Oil jumps 6pc to USD107 on supply concerns",
  "url": "https://urgent.news/2026/09/11/oil-jumps-6pc-to-usd107-on-supply-concerns",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-11T01:11:33.000Z",
  "source": {
    "name": "Business Recorder",
    "slug": "business-recorder",
    "url": "https://www.brecorder.com/news/40438978/oil-jumps-6pc-to-usd107-on-supply-concerns"
  },
  "original_language": "en",
  "account": "Oil prices surged 6 percent on Thursday, with major benchmarks trading above USD100 a barrel, driven by heightened concerns over potential supply disruptions. Brent crude futures reached a high since mid-May, climbing 5.87 dollars, or 5.8 percent, to 107.08 dollars per barrel. US oil surpassed the USD100 mark for the first time since May, as West Texas Intermediate crude futures increased 5.57 dollars, or 5.8 percent, to 101.62 dollars. The price surge came despite a lack of a permanent agreement between the US and Iran to stop attacks, with fighting escalating since the Iran war began. The Houthis took control of Yemen’s port of Mocha, increasing the risk to Red Sea traffic, while Gulf traffic remains restricted through the Strait of Hormuz due to ongoing tanker attacks. Simon-Peter Massabni, head of business development at XS.com, noted that the threat is no longer limited to a single choke point, but extends to various export routes, production sites, and energy infrastructure. Iran has been attacking ships near the Strait of Hormuz, with the Islamic Revolutionary Guard Corps threatening to escalate its response if further attacks occur. A report by S&P Global Energy suggested that the oil market is now in a prolonged new normal with persistent disruption risk, given the dim prospects for a definitive resolution to the Iran conflict. Analysts emphasized that China's role as the world's largest crude importer will be crucial in determining the durability of the rally. If Chinese buying continues to rise, it could further amplify the impact of any supply disruptions and propel prices higher. However, a decrease in Chinese imports might temper market gains. US crude oil inventories declined by 391,000 barrels to 424.1 million barrels last week, as refining activity remained robust, according to the Energy Information Administration. OPEC had lowered its forecast for world oil demand growth in 2026 to 380,000 barrels per day, marking the fifth consecutive downward revision. OPEC output dropped by 640,000 barrels per day in August, as Saudi exports faced new disruptions due to the Iran war and a US blockade that cut Iran's shipments.",
  "summary": "NEW YORK: Oil prices jumped 6 percent on Thursday, with both major benchmarks trading at over USD100 a barrel as the biggest spike in attacks on shipping since the Iran war began fed worries among traders about further disruptions to already tight supplies. Brent crude futures hit their highest since mid-May, rising USD5.87, or 5.8 percent, to USD107.08 a barrel by 1:20 p.m. ET (1720 GMT). US oil…",
  "key_points": [
    "Oil prices jump 6% to USD107 per barrel",
    "Brent crude hits May high at USD107.08",
    "Supply concerns from Iran attacks and Red Sea risks"
  ],
  "editors_take": "The surge in oil prices signals a shift to a prolonged period of supply disruption risk, driven by escalating Iran conflict and its impact on various export routes and energy infrastructure.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}